Silver drops to $71.20 as Fed holds rates steady, USD and yields rise

Silver has plunged to $71.20, down over 2% intraday, after the Federal Reserve kept rates unchanged at 3.50%-3.75% in an 8-4 split vote, signaling higher-for-longer policy amid inflation risks. This extends the downtrend from $74.90 on April 27 (-1.06%), through $72.30 on April 29 (-1.02%) where it failed $74.00 resistance, driven by a firmer USD, rising Treasury yields, oil-driven inflation from Strait of Hormuz tensions, and bearish technicals below 50-day ($78.45) and 100-day ($79.63) SMAs with RSI at 38.