XAG/USD consolidates near $59.70 amid rising US yields and geopolitical tensions, capping recent gains.
Silver (XAG/USD) traded flat near $59.70 on Thursday, struggling to breach the $60.00 level as US Treasury yields climbed to fresh highs. The metal faced resistance at $61.00 on Wednesday before retreating to the mid-$58.00 range earlier in the session.
The rally in yields follows escalating geopolitical risks, including attacks between the US and Iran and disruptions in the Red Sea, which have driven oil prices to multi-month highs. Inflation concerns have intensified, pressuring precious metals.
Technical indicators remain cautiously bullish, with XAG/USD holding above a broken trendline after a 7.5% gain over four days. Resistance lies at $60.70, while support is seen at $58.46 and $55.50.