Silver melts to $59 per once as Fed's Waller talks about additional rate hikes

COMEX Silver futures cracked lower today, giving under $60 per ounce mark and testing two-month low on worries over further US interest rate hikes. Federal Reserve Governor Christopher Waller has noted that that if economic data continue to come in as expected, he anticipates additional rate hikes to keep inflation under control. The Federal Open Market Committee raised the federal funds rate by 25 basis points last months, marking its first such hike in three years and pulled precious metals lower. Silver is currently down 2% at $59 per ounce. MCX Silver is down 1.16% at Rs 220964 per kg after almost testing Rs 220000 per kg mark.

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