Silver prices collapsed more than 15 percent Thursday morning as the volatility that hammered precious metals around last weekend returned, with gold shedding more than three percent.
The white metal hit as low as $73.57 an ounce in Asian trade, while gold bullion sank to $4,971.55.
Silver tanked more than 15 percent to as low as $73.56 as a sell-off in precious metals resumed after a brief spell of calm following the breakneck losses suffered around the weekend when a surge in the greenback made dollar-priced assets more expensive. Gold shed more than three percent to around $4,972.
Both commodities have seen wicked swings over the past week, having recently hit record highs of $121 and $5,595 on a previously softer dollar, geopolitical concerns, central bank buying and speculation about the independence of the Federal Reserve.
Oil prices fell more than two percent after Iran and the United States said nuclear talks would go ahead in Oman this week.
The news soothed investor concerns sparked by a report earlier Wednesday that the bitter foes would not meet owing to a row about the format and the venue, which sent the price of both main contracts up more than three percent.
Bitcoin was going for $71,100 -- its lowest since November 2024 -- after being caught up in the rollercoaster ride earlier this week as investors reconsidered their risk asset holdings.
The cryptocurrency is now down more than 40 percent from its record high above $126,000 touched in October, and Bloomberg said traders are now betting on it falling below $65,000.