FED HAWKISHNESS SENDS SILVER TO THREE-MONTH LOW

Silver extended its sharp decline on Friday, plunging below $64 an ounce and touching its lowest level since March, with weekly losses approaching 6%. The metal remains under heavy pressure as the Federal Reserve signaled growing support for interest rate hikes, boosting the dollar and dampening demand for precious metals. While the US-Iran peace agreement eased concerns over energy supply disruptions and inflation, the positive sentiment was overshadowed by the Fed�s hawkish stance. The weakness was widespread across the metals space, with gold also posting steep losses this month. On the domestic front, MCX July silver futures fell more than 3%, breaking below the crucial Rs 230,000 per kg mark. Market participants are now closely watching the Rs 229,000 level, as a decisive breach could accelerate the correction and invite fresh selling pressure.

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