Silver Surges Past $66 as Falling US Yields Boost XAG/USD
Silver rose more than 5% on Wednesday, with XAG/USD reaching $66.68 as US Treasury yields declined and the Treasury moved to cap long-end borrowing costs.
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Silver reversed course on Wednesday and climbed over 5% as US Treasury yields edged lower. The move came after the US Treasury stepped in to cap long-end bond yields, which had reached levels last seen in 2007.
XAG/USD traded at $66.68 after bouncing off daily lows, with the price forecast pointing toward $67.
Lower yields tend to support non-yielding assets like silver, and the pullback in long-end US yields provided fresh momentum for the metal.
Source: FXStreet Forex News