Silver prices have been in decline for the fifth consecutive trading session. By the time of writing, the precious metal was trading at $23.78/oz on Tuesday and could drop to $23.54/oz.
The main reason for negativity in the precious metals market is the reappointment of Fed Chair Jerome Powell for a second term. This means that FX players can expect to see continuation of the current monetary policy stance and a smooth reduction of stimulus, which will ultimately lead to a rate hike. This is a bad time for gold, whose dynamic dragged silver down along with it.
Recently, there has been no clear data showing that the industrial application of silver in large states is on the rise. This, in turn, deprives the precious metal of fundamental support.