Silver Price Takes Hit from Soaring US Treasury Yields

The recent surge in US Treasury Yields has had a significant impact on the Silver price. The 10-year yield hit a fresh two-decade high near 5.3%, making non-yielding assets like Silver less appealing to investors.

Analysts at TD Securities are still expecting the Fed to lift rates in October, but acknowledge that there is a possibility of a more gradual approach. They point out that the underlying trend of robust growth with rising inflation risks will continue to dominate the Fed's outlook.

The Silver price is currently trading at $60.38, below the 20-period Exponential Moving Average (EMA) at $63.66. The Relative Strength Index (14) hovers just above oversold territory, indicating persistent but not yet exhausted bearish momentum.