Silver Extends Decline Toward $63 on Energy Supply Worries
XAG/USD slipped 0.5% to near $63.00 in Asian trading on Wednesday, building on Tuesday's losses as energy supply risks kept inflation concerns in focus.
Silver traded lower in Asian hours on Wednesday, with XAG/USD down about 0.5% near the $63.00 level. The decline extended the move seen on Tuesday.
The selling pressure came as continued energy supply risks fueled concerns that inflation could remain elevated for longer, reducing appetite for the metal in the short term.
Market attention is on the $63.00 area after two consecutive downbeat sessions. The white metal has not shown a recovery during the Asian session.
The spot price remains under pressure while energy supply and inflation concerns continue to shape near-term direction.
Source: FXStreet Forex News