#NYSilverFuturesDrop3% NY Silver Futures Drop More Than 3% After Fed Chair Warsh’s Hawkish Remarks
New York silver futures fell sharply on Friday, with the front-month Comex contract dropping more than 3% amid a broader selloff in precious metals.
The September silver futures settled near $66.995–$67.09 per ounce after declining as much as 3.5–4.2% on the day, according to market data. The move marked one of the larger single-session declines in recent weeks and snapped a multi-week winning streak for the metal.
The catalyst was Federal Reserve Chair Kevin Warsh’s keynote address at the Jackson Hole symposium. Warsh stated that recent inflation readings did not show underlying trends had meaningfully improved and that the Fed still had “work to do” if price pressures remained elevated. Traders interpreted the comments as hawkish, raising the odds of a potential rate hike as early as September.
Higher short-term Treasury yields and a stronger dollar followed, reducing the relative appeal of non-yielding assets such as silver. Gold futures also closed lower, though silver’s greater industrial component and higher volatility amplified the decline.
The pullback came after silver had posted solid gains earlier in August, driven in part by concerns over U.S. fiscal dynamics and industrial demand.$XAU $XAG
New York silver futures fell sharply on Friday, with the front-month Comex contract dropping more than 3% amid a broader selloff in precious metals.
The September silver futures settled near $66.995–$67.09 per ounce after declining as much as 3.5–4.2% on the day, according to market data. The move marked one of the larger single-session declines in recent weeks and snapped a multi-week winning streak for the metal.
The catalyst was Federal Reserve Chair Kevin Warsh’s keynote address at the Jackson Hole symposium. Warsh stated that recent inflation readings did not show underlying trends had meaningfully improved and that the Fed still had “work to do” if price pressures remained elevated. Traders interpreted the comments as hawkish, raising the odds of a potential rate hike as early as September.
Higher short-term Treasury yields and a stronger dollar followed, reducing the relative appeal of non-yielding assets such as silver. Gold futures also closed lower, though silver’s greater industrial component and higher volatility amplified the decline.
The pullback came after silver had posted solid gains earlier in August, driven in part by concerns over U.S. fiscal dynamics and industrial demand.$XAU $XAG