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Silver rises as dollar weakens after Treasury bond repurchase news
Silver September futures opened at $68.20 per ounce and were about 5% higher versus last week, after the Treasury signaled bigger long-term bond buybacks that weighed on the dollar.
Silver prices moved higher on Friday as the U.S. dollar slid following a Treasury announcement to increase long-term bond repurchases, according to Yahoo Finance.
Silver September futures opened at $68.20 per ounce, up 0.1% from Thursday’s close, and the price climbed to $69.49 as of 9 a.m. ET.
The report attributed the rise to weaker dollar conditions, noting that a softer currency can make dollar-priced metals cheaper for foreign buyers.
It also highlighted that silver’s market behavior can differ from gold, given that much of its supply comes as a byproduct of other metals and that demand includes both investment and industrial uses.
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%