On Tuesday, silver prices experienced a sharp decline of 5%, dropping to $64.7 an ounce, while gold prices fell nearly 2% to $4,247 per ounce. This downturn was driven by a broader sell-off in the precious metals market, influenced by rising concerns over higher interest rates. Notably, silver's price dipped below its 200-day moving average for the first time since April 2025, while gold also closed below this key technical level for the first time since October 2023. Analysts, including Ole Hansen from Saxo Bank, noted that sellers are currently in control, and traders are focusing on downside support levels. The upcoming U.S. inflation data for May is anticipated to be elevated, which could further exert downward pressure on gold and silver prices. Retail sentiment remains mixed, with bullish views on SPDR Gold Shares ETF but bearish sentiment for iShares Silver Trust. As markets await inflation data, the potential for a recovery later in the year remains uncertain.