Silver drops below $60 to nine-week low amid rising yields and rate hike expectations

Silver traded around $59.69 after sliding below the critical $60-per-ounce threshold to a fresh nine-week low, plunging over 5% in Wednesday's session. The broader precious metals selloff intensified after Federal Reserve minutes indicated policymakers anticipate another interest rate hike before year-end. Surging U.S. Treasury yields, with the 10-year yield hitting 5.36% and 30-year yield reaching 5.72%, heightened the opportunity cost of holding non-yielding bullion. The decline was further aggravated by thin holiday liquidity due to China's Golden Week and crude oil prices exceeding $100 per barrel.