Silver Price Soars on Oil Correction and Lower Yields

The price of silver (XAG/USD) has surged to near $66.80 due to a correction in oil prices and lower US Treasury yields, according to FXStreet.

The white metal's value has increased by 2.26% during the European session as oil prices have corrected to around $95.30 from an almost four-month high of $102.11.

A decline in oil prices is easing fears of high inflation expectations, which could lead to interest rate hikes from central banks and negatively impact non-yielding assets like silver.

Additionally, the pause in the oil rally and a hawkish repricing of Federal Reserve interest rate expectations have also contributed to the strengthening of the silver price.