Silver Price Plunges to Four-Week Low Amid Soaring US Treasury Yields

The silver price (XAG/USD) has hit a four-week low at around $60.00, largely due to soaring US Treasury Yields. The yields have reached a fresh two-decade high near 5.3%, making non-yielding assets like silver less attractive.

According to the CME FedWatch tool, the odds of the Federal Reserve leaving interest rates unchanged at this month's policy meeting have increased to 62.4% from 29% seen a week ago. Despite this shift in expectations, analysts at TD Securities still expect the Fed to lift rates in October.

The silver price is expected to be influenced by the upcoming US Nonfarm Payrolls (NFP) data for September, which will be published on Friday.