Silver Price Plunges 10% From Two-Month High—Here’s Why
Gold and silver prices plunged Friday morning, halting momentum the metals had built in recent weeks that lifted silver to its highest price in two months, with analysts blaming fears over inflation for the price slump. Key Facts The price of silver is $76.69 as of 9:45 a.m. EST on Friday, down more than 10% but slightly higher than the intraday low price of $76.63 it hit earlier in the trading session. Silver also fell in price on Thursday, declining from a price of nearly $90 on Wednesday, the highest level the metal has reached since early March. Gold prices also fell Friday, reaching $4,542.90 as of 9:45 a.m. EST, down more than 3%. Prices tumbled Friday amid inflationary fears, analysts said, including ANZ Group Holdings Ltd. analysts Daniel Hynes and Soni Kumari, who said “inflation expectations, higher yields and a stronger dollar are likely to keep gold under pressure in the near term.” ANZ analysts also said “stronger-than-expected rise in consumer and producer prices raised concerns that the Fed may need to increase interest rates in the short term,” as higher interest rates typically correlate with lower metals prices. Oil prices—which have traded inversely with metals throughout the Iran war—rose Friday morning, with the Brent crude