Silver slumps 2.6% amid Fed policy woes

The price of the white metal declined on Wednesday as concerns about the future of the Federal Reserve’s monetary policy appeared to weaken investors’ appetite for safe-haven assets.

Meanwhile, Federal Reserve Chair Jerome Powell said on Monday that recent data “adds somewhat to confidence” that inflation is returning to target and that the central bank will not wait until inflation hits 2% before cutting rates. Fed’s Reserve Governor Christopher Waller added that the conditions for rate cuts this year are in his opinion “warranted.”

Silver decreased 2.62% to sell at $30.43 per ounce at 10:16 am ET.