US Treasury Yields Surge, Weighing on Silver Prices

Silver prices retreated to around $60.75 on Tuesday, down 0.38% on the day.

The decline was driven by a sharp rise in US Treasury yields and a stronger US Dollar (USD), as tensions surrounding the Strait of Hormuz kept oil prices elevated and fueled inflation concerns.

The benchmark 10-year US Treasury yield climbed to 5.28%, its highest level since 2007, according to data released on Tuesday.

The recent bond sell-off was largely driven by concerns that higher energy prices could keep inflationary pressures elevated in the United States and force the Federal Reserve (Fed) to maintain a restrictive monetary policy stance.