Silver rebounds from 2-month low

Silver prices rose on Monday, within recovery attempts from a 2-month low, on the cusp of the first gain in 7 days, as the US Treasury bond yields fell. 

Silver prices rose 1.1% to $26.08 an ounce, after opening at $25.79, and hit an intraday low and the lowest since April 15 at $25.54.

Silver closed lower by 0.4% on Friday, in the sixth straight daily loss, as the US dollar rallied against its peers.

Silver lost 7.5% last week, in the third straight weekly loss, and the largest since September 2020, after the Federal Reserve raised interest rates and inflation expectations.

The 10-year US Treasury yield fell 6.0% today, hitting a 4-month low of 1.354%.

Minneapolis Federal Reserve President Neel Kashkari said on Friday he wants to keep the interest rate near zero at least until the end of 2023 to allow the labor market to return to its pre-pandemic strength.