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Silver holds above $55 but slips as Treasury yields rise
XAG/USD is around $57.50, down 2% for the day and set to finish July lower, with higher US yields pressuring non-yielding metals.
Silver prices retreated on Friday, with XAG/USD trading around $57.50, down 2% on the day and on track to close July in negative territory, according to FXStreet.
The move reflects rising US Treasury yields, which are being seen as reinforcing expectations that the Federal Reserve may keep policy tighter or raise rates later this year, a backdrop that tends to weigh on non-yielding metals like silver.
FXStreet also pointed to a softer US dollar, with the US Dollar Index hovering near 100 and close to six-week lows, after suspected intervention by Japanese authorities to support the yen.
Technically, the report said XAG/USD is consolidating above the $55 support area, while remaining below the 21-day, 50-day, and 100-day simple moving averages; resistance is cited near the 21-day SMA around $58.50, while deeper downside is flagged toward the $45 level if selling resumes.
Latest closeSilver $59.33 ▲2.5%|Dollar index 99.97 ▼0.8%