Silver prices approach four-week trough amid negative pressures

Economies.com
2023-11-10 11:05AM UTC

Silver prices declined in European trade on Friday, resuming losses after a hiatus yesterday, and almost touching four-week lows, while on track for another weekly loss amid mounting pressures on non-yielding assets.

 

Such pressures came as the dollar and US treasury yields increased following bullish remarks by several Fed officials, which bolstered the case for another US interest rate hike next month.

 

Silver Prices Today

 

Silver prices fell over 0.4% to $22.53 an ounce, after closing up 0.4% on Thursday, the first profit in four days away from four-week lows at $22.30. 

 

Silver is down 2.9% so far this week, on track for the second weekly profit in three weeks, and the largest since mid-September.

 

The Dollar

 

The dollar index rose 0.1% on Friday, extending gains for the fifth straight session against a basket of major rivals. 

 

Such gains came as US 10-year treasury yields rose for another session following bullish remarks by Fed officials.

 

Fed Chair Jerome Powell said on Thursday that was the Fed has done so far might not be enough to contain inflation, asserting the Fed is prepared to tighten policies further if needed. 

 

Odds for a US interest rate hike in December rose from 9% to 15%. 

 

Traders also now expect the Fed to cut interest rates in July 2024 instead of June 2024. 

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