Silver Price Slumps Amid Rising US Yields and Stronger Dollar

The price of Silver (XAG/USD) dropped to $60.75 on Tuesday, down 0.38% on the day.

This decline is attributed to the sharp rise in US Treasury yields and a stronger US Dollar (USD), as tensions surrounding the Strait of Hormuz persist.

The benchmark 10-year US Treasury yield climbed to 5.28%, its highest level since 2007, driven by concerns that higher energy prices could keep inflationary pressures elevated in the United States (US) and force the Federal Reserve (Fed) to maintain a restrictive monetary policy stance.