Why did silver prices rise by more than 7%?

arabictrader.com

The dollar rose in tandem with U.S. Treasury yields after the new Federal Reserve Chair, Kevin Warsh, joined the unanimous decision to raise rates, with officials expecting further hikes this year.

Reuters quoted Australian Commonwealth Bank currency analyst Carol Kong, who said Warsh "seemed definitely more hawkish than expected", adding that his guidance on future hikes "surprised markets, prompting a reassessment of monetary policy toward tightening, ultimately leading to a stronger dollar."

The dollar's rise pushed the euro to a near 7‑week low before recovering to $1.1482, while the pound rose slightly to $1.3400 ahead of the Bank of England's interest rate decision.

Oil prices fell for a second day after sources reported that Saudi Arabia offered additional crude shipments to Asian markets via tank‑to‑tank transfers off the coast of Salalah, Oman, easing some supply shortage concerns.

Brent crude fell 1.77% to $103.95 per barrel in the latest trades, while U.S. West Texas Intermediate fell 1.62% to $100.77, after both contracts dropped about $3 on Wednesday.

According to CME's "FedWatch" tool, markets currently price about an 87% probability of at least one U.S. rate hike by year‑end, versus a 13% chance of keeping rates unchanged.