Silver Struggles to Extend Gains Amid Hawkish Fed Bets

Silver (XAG/USD) opened the session with a sharp rally, lifted by a steep drop in oil prices. The initial surge, however, lost momentum before the metal could test the $58.68 level.

At the time of writing, silver was holding a gain of roughly 1% but remained well off its intraday highs. The pullback came as hawkish Federal Reserve expectations continued to drive yields higher, dulling the appeal of assets that offer no interest.

With the Fed expected to keep rates elevated for longer, upside in precious metals remains limited. Silver’s failure to sustain a breakout above the $58.68 barrier suggests that selling pressure will likely persist in the near term.