On May 14, 2023, precious metals experienced significant declines, with gold on the Comex falling $35 per ounce to a low of $4,671 and silver tumbling $5 to $84.36 per troy ounce. This downturn was attributed to a stronger US dollar, which reached a two-week high of 98.6, and fears surrounding potential interest rate hikes by the US Federal Reserve. Despite the drop, silver has remained above $80 for five consecutive sessions and has shown resilience with a 21.5% gain over the last seven sessions. In contrast, gold has only seen a modest 1.5% increase in May. The economic backdrop includes a 0.5% rise in US retail sales for April, indicating ongoing consumer strength despite rising fuel prices. Additionally, inflation pressures are mounting due to increased energy costs linked to geopolitical tensions, particularly involving Iran. As traders adjust their expectations, there is now a 30% likelihood of a rate hike by December, reflecting the impact of recent economic data.