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Silver slips as higher Treasury yields weigh on XAG/USD

Silver is down 4.3% to around $61.50 in Europe, as 10-year US Treasury yields near a 19-year high of 5.23%.

Reported · Written up by our desk · Precious Metals

Silver prices fell sharply, with XAG/USD down 4.3% to near $61.50 during European trading on Monday, FXStreet reported. The decline was tied to elevated US Treasury yields reducing the metal’s appeal.

FXStreet said 10-year US Treasury yields are close to a 19-year high of 5.23% reached on Friday, a move linked to higher oil prices and expectations of additional Federal Reserve interest rate hikes.

The outlet also pointed to resilient US economic data, including weekly initial jobless claims of 197,000 for the week ending September 19 versus 200,000 expected, which reinforced labor market strength.

According to FXStreet, Deutsche Bank cited the jobless claims release as a timely labor indicator and said the 4-week moving average has been pushed down to 202,250.

Latest closeSilver $64.71 ▲2.0%

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