Commodities
Silver Price Seesaws Ahead of US Jobs Data Amid Soaring Treasury Yields
Silver prices have rebounded to near $64 per ounce after early losses on Wednesday. The price is still under pressure due to surging US Treasury yields caused by hawkish Federal Reserve bets.
US Treasury yields hit a record high of 4.81% earlier in the day, their highest level since November 2023. Analysts at MUFG noted that Fed Chair Kevin Warsh's speech at the Jackson Hole Symposium was similar to his previous speeches, reiterating the need for further tightening if inflation doesn't decline sufficiently.
Another Fed official, Governor Michael Barr, highlighted the need for interest rate hikes if price pressures don't moderate soon and warned that 'inflation remains too high.'