Silver ends over 4% lower, logs weekly and monthly losses

Silver prices fell on Friday, as the US dollar rose against most of its peers while investors focused on bonds.

The 10-year US Treasury yield rose 1.6% today, the first time crossing this barrier in more than a year.

US Federal Reserve Chairman Jerome Powell stressed during his semi-annual testimony before the Senate Banking Committee that employment and inflation rates are still far from the Fed's goals.

Data revealed that the US personal consumption expenditures index rose 1.5% in January, and the personal income jumped 10%, in the largest monthly spike since April 2020.

The dollar index rose against a basket of currencies by 0.4% to 90.5 points as of 20:00 GMT, after it hit a high of 90.7 points and a low of 90.1 points.

Silver May futures fell 4.4% or $1.22, and closed at $26.465 an ounce, and posted a weekly loss of 3.2% and a monthly loss of 2%.