Silver price continues to lose ground for the third consecutive day, trading around $31.10 per troy ounce during the European session on Friday.
Silver price continues to lose ground as traders exercise caution ahead of US Core PCE. US Treasury yields appreciate due to the hawkish Fed, which weakens the demand for non-yielding Silver . The higher US Dollar impacts the grey metal demand as it becomes more expensive for foreign buyers. The hawkish remarks from Federal Reserve officials have raised concerns about potential rate hikes. Higher interest rates are negatively impacting non-yielding assets like Silver .
80 with 2-year and 10-year yields on US Treasury bonds standing at 4.94% and 4.56%, respectively, by the press time. On Thursday, the US Gross Domestic Product Annualized for the first quarter was revised lower to 1.3% from 1.6%. Additionally, US weekly Initial Jobless Claims for the week ending on May 2 rose to 219,000 from the previous week's 216,000, slightly exceeding the market consensus of 218,000.
XAGUSD Commodities Macroeconomics Silver
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Price Forecast: XAG/USD takes support near $31, uncertainty is intact ahead of US InflationSilver price (XAG/USD) finds a temporary support near $31.20 in Thursday’s American session after correcting from a weekly high of $32.30.
Read more »
Silver Price Forecast: XAG/USD surges to near $31.00 amid escalated geopolitical tensionsSilver price rises to $30.80 per troy ounce during the European session on Monday.
Read more »
Silver Price Analysis: XAG/USD plunges below $31.00 amid Fed’s hawkish minutesSilver price tumbled more than 3.50% during the North American session after the Federal Reserve revealed “hawkish tilted” minutes that showed some officials would like to raise rates if inflation warranted it.
Read more »
Silver Price Analysis: XAG/USD tanks towards $31.00 as ‘evening star’ emergesSilver prices dropped from daily highs that had reached around $32.09 earlier, even though US Treasury bond yields tumbled.
Read more »
Gold, Silver Weekly Forecast: Gold Bid on Dollar Drop, ‘Silver Squeeze’ ReturnsPrecious metals are looking positive after softer CPI data shifted the focus to Fed rate cuts and silver surged on what appears to be a return of ‘meme stock’ mania
Read more »
Silver Price Analysis: Silver threatens to reverse trendSilver (XAG/USD) price is threatening to reverse the short-term downtrend it has been in since April 12 and begin a new uptrend.
Read more »