Silver drops to $58.97 as hawkish Federal Reserve minutes and surging yields weigh

Silver prices slipped to $58.97 per ounce on Thursday, touching their lowest level since early August. The precious metal cracked below the $60 mark during a broader commodities selloff, falling more than 5% on Wednesday as U.S. 10-year Treasury yields climbed to 5.36% and 30-year yields hit 5.72%. Downward momentum intensified after Federal Reserve meeting minutes signaled another interest rate hike before year-end following a rate increase to the 3.75%-4.00% target range. The decline was further amplified by thin holiday liquidity amid China's Golden Week and crude oil prices exceeding $100 per barrel.