Silver futures closed lower on Friday, despite the US dollar's drop against most major currencies, and posted a weekly loss due to rising US Treasury bond yields.
Bloomberg reported that US President Joe Biden administration is considering increasing taxes on the mega-rich to up to 43.4%, and the tax plan aims to increase taxes on those whose annual income is over $1 million to 39.6% from 20%.
Data showed that the US manufacturing PMI rose to 60.6 points last month, lower than forecasts of 60.9.
The 10-year US Treasury bond yield rose today to 1.562%.
The dollar index fell against a basket of currencies by 0.5% to 90.8 points as of 20:38 GMT, after it hit a high of 91.3 points and a low of 90.8 points.
Silver May futures fell 0.4% or 11 cents, and closed at $26.08 an ounce, and posted a weekly loss of 0.1%.