Silver Price Plummets on May 23 [SMM Daily Review]

Today, due to hawkish remarks from US Fed officials indicating the possibility of further tightening, the opening price of spot silver was $30.748/oz. The ex-factory reference average price of SMM1# silver in the morning was 7,932 RMB/kg, down 443 RMB/kg from yesterday, a decrease of 5.3%. This morning, due to significant price fluctuations, market was relatively cautious with fewer transactions. In the afternoon, as prices stabilized, market transactions improved compared to the morning.