Silver falls over 3.5% as US Dollar and yields rise
Silver is under pressure due to a stronger US Dollar and rising US Treasury yields. The metal is trading around $74.76, down from $76.60, after hitting an intraday low near $73.
The US Dollar Index is hovering near one-month highs around 99.33, supported by ongoing uncertainty and hawkish Fed expectations. US Treasury yields are sharply higher, with the 10-year yield climbing to a 16-month high near 4.687%.
Traders see a nearly 32% probability of a 25 basis point Fed rate hike at the October meeting, increasing the opportunity cost of holding non-yielding assets like Silver. This has pushed Silver below key moving averages, with prices down from $81.28 and $65.40 in recent sessions.