$4,338 gold and $63.27 silver underscored a sharp post-Fed split, with bullion rising as a haven while silver remained far below its $121.67 January peak.
The move followed the Fed's July 29 decision to hold rates at 3.5%-3.75% while signaling higher-for-longer policy; three officials dissented for an immediate 25-basis-point hike, pushing 10-year real yields to 2.4% from 1.7%.
Silver was hit harder because 58% of demand comes from manufacturing, leaving it exposed both to higher yields and to fears that tighter policy will slow industrial activity.
The gold-silver ratio jumped to 71.1 in July and stayed near 69:1 in early August, close to the top of its 50-year average range and signaling monetary conditions are favoring gold over silver.
A projected 46.3 million-ounce silver supply deficit still offers longer-term support, with solar, EV and AI-related demand outpacing mine supply despite the near-term macro pressure.