Silver sheds more than 10%, hits lowest since late July

Silver prices plunged on Monday, due to broad rally in the US dollar against most major currencies, which pushed silver to the lowest price since late July.

Silver gained 1% during the past week, lifted by demand for precious metals due to uncertainty about the Federal Reserve's monetary policy approach.

It's noteworthy that the US Federal Reserve announced last Wednesday keeping the interest unchanged, and signaled that it plans to keep it near zero until the end of 2023.

The dollar index rose against a basket of currencies by 0.8% to 93.5 points as of 21:04 GMT, after it hit a high of 93.7 and a low of 92.7.

Silver December futures lost 10.1% or $2.74, to close at $24,387 an ounce, the lowest level since July 31, after hitting today's high at $27,130 and the low at $23,780.