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Silver holds near $60 as US Treasury yields rise

XAG/USD was last at $59.70, with resistance near $60.70 and support around $58.46, as Middle East tensions push yields higher.

Reported · Written up by our desk · Precious Metals

Silver prices stayed near the $60 level on Thursday, with XAG/USD trading practically flat a few cents below $60.00.

FXStreet said upside attempts were capped as US Treasury yields jumped to fresh highs, a move it linked to inflationary pressures tied to heightened conflict in the region, including reports of attacks on Saudi Arabian vessels in the Red Sea.

The outlet noted silver was rejected at the $61.00 area on Wednesday, but buyers stepped in earlier in the day around the mid $58s, after a reversal found support.

Technically, FXStreet reported XAG/USD was holding above a broken downward trendline after a 7.5% rally over the prior four sessions, with initial resistance around $60.70 and support near the session low at $58.46.

Latest closeSilver $59.51 ▲1.1%

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