Silver Tumbles on Hawkish Fed Bets, Rate Hike Expectations Soar

Silver prices held losses on Monday, trading around $66.4 an ounce, after losing more than 4% in the previous session.

The decline was attributed to hawkish remarks from Federal Reserve Chair Kevin Warsh, who warned that inflation is not easing significantly and reaffirmed the central bank's commitment to bringing inflation back to its 2% target.

Markets now price in a 57% chance of a 25-basis-point Fed rate hike in September, up sharply from roughly 40% a week earlier.