Precious metals slide as spot silver falls to $60.62 amid Fed rate hike expectations

Precious metals extended their decline on Tuesday as spot silver dropped 0.6% to $60.62 per ounce and spot gold reached $4,124.57 per ounce. The broad selloff follows a sharp downturn on Monday driven by a stronger US dollar and the 10-year Treasury yield rising to roughly 5.22%. Over two sessions, MCX silver dropped nearly Rs 9,000 per kilogram to Rs 2,25,900, while gold fell Rs 4,300 per 10 grams to Rs 1,46,569. Selling was intensified by elevated oil prices and CME FedWatch data pricing a 70.3% probability of an October Federal Reserve interest rate hike.