Silver prices today on the New York Mercantile Exchange (COMEX) fell to their lowest since June 26, 2020. The September futures price on the COMEX fell 2.51% to $17,705 an ounce. The contract price corrected to $17,805 an ounce, trading data showed.

Silver prices have fallen by more than 11% since the beginning of August. At the end of the month, silver prices may show the maximum monthly decline since September 2020, writes Reuters.

Prices of other precious metals also show negative dynamics. The price of September gold futures on the COMEX fell by 0.77% to $1,710 an ounce. October futures on platinum – by 0.86%, to $825 an ounce.

More aggressive rhetoric from the U.S. Federal Reserve put pressure on quotations. Last week, Federal Reserve Chairman Jerome Powell reiterated the regulator’s commitment to tighter monetary policy and further rate hikes to curb inflation.

Earlier we reported that the cotton crisis had broken out all over the world.