Silver Slumps Below $64 Amid Fed Hike Bets

Silver (XAG/USD) prices are stuck below $64.00 on Friday, amid speculation of further interest rate hikes by the Federal Reserve and a surge in US Treasury yields.

The precious metal is on track for a 3.7% weekly decline as bears target the bottom of its monthly trading range at $62.30.

Fed officials have been calling for more rate increases, with Philadelphia Fed President Anna Paulson saying 'modest' rate moves are likely needed to bring inflation to target.

New York Fed President John Williams also hinted at another rate increase by year-end, citing the need to combat rising inflationary pressures and higher oil prices.