Inflation concerns are putting pressure on the outlook, causing silver and platinum prices to follow the downward trend of gold prices.

The prices of silver and platinum have plunged, weighed down by a stronger US dollar and heightened concerns about inflation exacerbating from higher energy prices. Silver futures fell 8.3% to $71.14 per ounce, while platinum dropped 6.7% to $1,918.19 per ounce. Both metals followed gold's decline, with New York gold futures down 3.7% to $4,712.70 per ounce, as market hopes for further interest rate cuts in the US diminished after Powell's speech on Wednesday. While geopolitical tensions typically boost safe-haven demand, the inflationary impact of rising energy costs is suppressing precious metals by pushing up real yields and limiting upside potential.