Silver Trades Near 2-Month High on US Fiscal Concerns

Silver traded near $69 an ounce on Monday, hovering close to a two-month high, as concerns over US debt management and fiscal sustainability persisted after the Treasury unexpectedly ramped up buybacks of longer-dated government debt.

The intervention pushed bond yields and the dollar lower, reviving the so-called debasement trade and supporting demand for precious metals, including silver.

Treasury Secretary Scott Bessent has signaled that further buybacks could follow and said the administration plans to soon introduce measures aimed at tackling borrowing costs, which are at their highest levels in years.

Meanwhile, oil prices slipped but remained elevated, which could curb further gains by fueling inflation and dampening expectations for interest-rate cuts.

Markets now await the US announcement on additional sanctions against Iran.

Silver has gained about 18% so far this month.