Forex
Silver Slumps on Rising Yields and Stronger USD Amid Strait of Hormuz Tensions
The price of Silver has retreated to around $60.75 as investors react to rising US Treasury yields and a stronger US Dollar, which is bolstered by tensions surrounding the Strait of Hormuz.
US Treasury yields have climbed to 5.28%, their highest level since 2007, driven by concerns that higher energy prices could keep inflationary pressures elevated in the United States.
The FedWatch tool shows traders pricing in a 70% chance of another rate hike at the October meeting, which would further support the US Dollar and create an unfavorable environment for Silver.