Silver dropped about 2% to below $82 per ounce on Tuesday, snapping a two-session advance as traders took profits amid ongoing turbulence in the precious metals market following a historic selloff in recent weeks. The white metal remains roughly 33% below its January 29 all-time high, reached just before a steep decline that erased nearly half of its value.
US Treasury Secretary Scott Bessent attributed the sharp swings in metals prices largely to activity by Chinese traders, characterizing the recent surge as a speculative blowoff. Market participants are now focused on the delayed US employment and inflation data due later this week, seeking clearer signals on the Federal Reserve’s policy outlook.
The Fed is widely expected to leave interest rates unchanged at its March meeting, with futures markets pricing in two rate cuts later in the year. Other precious metals, including gold, platinum, and palladium, also declined on Tuesday.
