Sharp 5 percent drop occurs in silver prices
Silver fell to $61 per ounce as US-Iran negotiations yielded no results and oil prices rose.
The inconclusive negotiations between the US and Iran and the rise in crude oil prices led to a sharp drop in the silver market, with silver trading at $61 per ounce.
Sharp Loss in Silver
The inconclusive peace agreement talks between the US and Iran found resonance in the markets. Immediately following these developments, a sharp rise occurred in crude oil prices, and the silver market was directly affected by this situation.
Ounce Price Declined
Under the influence of these economic developments, silver recorded a 5 percent drop per ounce. Following the sharp decline, the precious metal began trading at $61 in the market.
Decline in Gold As Well
In addition to the sharp loss of value in silver, a downward trend was also observed in gold prices. As a result of today's transactions, the loss in value in gold reached the 3 percent level.
Market Pressure
The global appreciation of the dollar and the continued high levels of US Treasury bond yields increased the pressure on precious metals.
Expert Evaluations
PL Capital Commodities Head Ashish Rajodiya stated that high crude oil prices work against precious metals, which offer no yield.
Fed Expectations
According to CME FedWatch data, more than 68 percent of market participants expect the Fed to raise interest rates by 25 basis points in October.