Silver Prices Rebound on Yield Easing, But Can It Reclaim $66.87?
Silver prices rebounded on Wednesday as yields eased off their highs, but can it reclaim its previous high of $66.87?
The Daily US Dollar Index (DXY) slipped from 99.86 after the 10-year yield moved a few basis points lower in the session.
Silver prices surged from $63.31 to $65.07 on this slight pullback, but experts note that this bounce is largely driven by yields pausing rather than reversing.
The broader metals complex also turned around with gold recovering and following silver's lead.
However, oil stayed high, capping the recovery, with Brent sitting near $94 to $96 after the second wave of US attacks on Iran and Iranian strikes against American bases.
Oil above $94 Brent continues to signal a 64% chance of a September 16 rate increase, which is not giving Warsh a reason to ease off.
The ADP number came in at 38,000, missing the street's expectations of 47,000 to 48,000, and further weakening the inflation outlook.