Silver Price Slips as Soaring US Yields Pressure XAG/USD
Silver gave back early gains on Thursday, turning negative as surging US Treasury yields soured sentiment. XAG/USD fell 0.7% to around $57.25 in European trade.
XAGUSD
The precious metal reversed course after an initial push higher. XAG/USD hit an intraday high before sliding 0.7% to trade near $57.25 in the European session.
Rising US Treasury yields were the main catalyst for the downturn, reducing the appeal of non-yielding assets like silver. The dollar also firmed, adding pressure on the metal.
Traders are watching US data and Fed commentary for further yield direction, which will likely dictate silver’s near-term moves.
Source: FXStreet Forex News