US Business Boom Sparks Silver Price Drop as $60 Support is Tested

Strong US business data has caused silver prices to drop to $64, putting pressure on the metal and its prospects for recovery. The surge in US Treasury yields has lifted the US dollar, making it more expensive for investors to hold onto silver.

The outlook for silver remains constructive in the long term, but short-term pressures are mounting. Analysts warn that if silver fails to hold the $60 level, it may slide further towards the support zone of $50-$55.

The gold to silver ratio and upcoming inflation data will be key indicators of whether the price can recover. The ratio has been trending upwards, which could signal a shift in investor sentiment away from silver.