The iShares Silver Trust (SLV) experienced a significant 24-hour plunge of 9.28% during Monday's trading session, reflecting sharp declines in the silver market.

This substantial drop in silver prices comes as the precious metal is being pulled lower by gold's sharp decline, according to market analysis. Gold has hit its lowest levels in weeks, with volatility triggered by ongoing Middle East conflict, shifting market sentiment between extreme panic and safe-haven demand, and a complete repricing of interest rate paths amid rising inflation expectations.

While silver possesses dual characteristics as both a precious metal and industrial commodity, its price movement remains closely tied to gold's performance during periods of market stress. The analysis indicates that despite silver's descent being relatively slower than gold's, it has still been significantly impacted by the broader precious metals selloff.