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Silver slides near $60.50 as oil risk and Treasury yields climb
Silver has fallen more than 5% over the prior session, with trading around $60.6 per troy ounce in Asian hours.
Silver prices continued to ease on Tuesday, with XAG/USD trading around $60.6 per troy ounce during Asian hours after posting losses of more than 5% in the previous session, according to FXStreet.
FXStreet said the move reflects pressure on a non-yielding asset as uncertainty around US-Iran negotiations keeps oil prices elevated, while rising inflation concerns and expectations for additional Federal Reserve tightening lift Treasury yields to multi-year highs.
The report linked the renewed oil pressure to comments from Iranian officials expressing doubt about reaching an agreement before the US midterm elections in November, following US President Donald Trump’s rejection of Tehran’s latest proposal.
FXStreet also noted that after the Fed’s initial rate hike in three years earlier this month, money markets are pricing roughly a 70% probability of another rate increase in October.
Latest closeSilver $60.95 ▼5.1%