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Silver holds near $69 as US bond buybacks offset debt worries
Silver is trading around $69 per troy ounce for the fourth straight day, supported by Treasury plans to at least double longer dated buybacks.
Silver prices have remained firm for a fourth consecutive day, trading around $69 per troy ounce during European hours on Monday, as debt management and US fiscal sustainability concerns continue to circulate, according to FXStreet.
The gain reflects a market reaction after the US Treasury pledged to at least double its buybacks of longer dated government debt to help curb surging bond yields. Treasury Secretary Scott Bessent said the buybacks could exceed $4 billion, aiming to show that elevated yields are not accurately reflecting underlying economic fundamentals.
FXStreet also flags potential limits for silver from energy related dynamics. It notes that non yielding silver could face headwinds if energy prices move higher, which could narrow the room for upcoming interest rate cuts.
The same analysis links the broader outlook to geopolitical risk and energy supply disruptions, citing plans for unprecedentedly tough US sanctions aimed at Iran and disruptions to Iranian oil shipments. It adds that geopolitical friction around the Strait of Hormuz remains elevated, with vessel transits through the oil corridor running well below historical averages.
Latest closeSilver $64.83 ▼0.1%