Silver extends losses below $63 on bond jitters
Silver fell below $63 an ounce on Wednesday, extending prior-session losses as global bond yields stayed elevated amid fiscal worries and persistent inflation pressures.
Silver fell below $63 an ounce on Wednesday, extending losses from the previous session, pressured by elevated global bond yields amid growing fiscal concerns and persistent inflationary pressures.
The 30-year US Treasury yield reached a 19-year high this week, while sovereign yields across other major economies also climbed to their highest levels in decades.
The precious metal also faced pressure from rising oil prices as the US and Iran showed little indication of reaching an agreement to end the conflict and reopen the Strait of Hormuz in the near term.
President Donald Trump said there were no ongoing talks with Tehran, while Iranian forces have intensified attacks on shipping in the Strait of Hormuz.
Investors now await minutes from the Federal Reserve’s July meeting and remarks from Chairman Kevin Warsh at the annual Jackson Hole symposium for fresh clues on the monetary policy outlook.