Silver and gold prices fall sharply as Australian union pushes for higher wages

The price of silver dropped more than 14 percent, and gold prices also fell significantly. This happened at the same time as the Australian Council of Trade Unions (ACTU) called for wage increases that would be higher than the current inflation rate.

The drop in precious metals prices contributed to a broader sell-off on the Australian stock exchange (ASX), with mining companies that focus on gold being particularly affected.