Silver Price Slumps on Rebound of US Dollar Index

The Silver price (XAG/USD) has declined by almost 1% to around $58.40 during the Asian trading session on Friday, as the US Dollar regains ground and attempts to snap a three-day losing streak.

The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades 0.23% higher at near 100.20, making Silver an unfavorable risk-reward bet for investors.

However, strategists at Brown Brothers Harriman note that the USD 'dropped sharply for two reasons': markets unwound the residual 30% odds of a July hike, and Fed Chair Kevin Warsh failed to turn tough inflation rhetoric into a credible policy.