Silver Price Slumps on Stronger USD Ahead of NFP Report
The silver price is down 1.73% to $60.95 as the US Dollar Index (DXY) gains momentum, pushing past the psychological 100 level.
This strength in the USD reduces silver's appeal for holders of other currencies and leads to profit-taking from investors.
The situation is further complicated by ongoing geopolitical tensions in the Middle East, which continue to support safe-haven flows into the US Dollar.
Investors are also keeping a close eye on oil prices, with hopes that supply disruptions could ease continuing to support expectations of lower oil prices and reduced inflation pressures.