Silver Price Today Slides Near $69 as Fed Hike Bets Bite, Silver Stocks Sink
Silver sank 4.8% to $69.39 an ounce by 2:14 p.m. ET on Friday, tracking toward a weekly loss as both the dollar and Treasury yields strengthened after Reuters said Washington was sending more troops to the Middle East. Gold dropped 1.8%, platinum declined 0.9%, and palladium slipped 1.6%. Independent metals trader Tai Wong described gold and silver as getting pulled down while markets navigated their “usual wall of worry,” cautioning that “a bumpy ride” could lie ahead. This matters: the correction is intensifying right as investors abandon hopes for old-school rate cuts. Markets are currently pricing in about a 75% chance the Fed raises rates by September, and the probability of a hike in July is now better than even. Silver, similar to gold, pays no interest—so rising yields and rates typically hit it hard.