Silver Extends Gains as Oil Prices Continue to Fall

Silver prices have been rising for three consecutive sessions, reaching toward $67 an ounce. This increase is partly due to the continued decline in oil prices, which eased inflation concerns and supported a recovery in metals.

However, further tightening by the Federal Reserve and elevated Treasury yields remain major risks that could slow or reverse this recovery. If oil continues to fall and expectations of rate softening persist, silver may extend its gains.

The gold market is also experiencing consolidation, with prices trapped between $4,300 and $4,530. A break below $4,300 would push the price toward $4,150, while a break above $4,530 could lead to a strong rally towards $4,800 to $5,000.