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Silver (XAG/USD) is down 3.20% on Thursday to $84.40. This drop is attributed to profit-taking by investors after the metal's recent rally. The decline is also occurring amid rising US Treasury yields and a strengthening dollar, which reduces the attractiveness of non-yielding assets.
The correction in the silver market followed a sharp surge earlier in the week when the metal benefited from technical momentum and increased demand for industrial metals. OCBC strategist Christopher Wong noted that the short-term rally in silver appears increasingly overbought and warned of profit-taking risks associated with this overextension, a behavior typical of "buy on the rumor, sell on the news."
The US dollar remains supported by strong expectations for Federal Reserve policy. The latest inflation data confirms the presence of persistent price pressure, while a steadily functioning labor market diminishes the need for easing monetary policy.
Kansas City Fed President Jeffrey Schmid noted on Thursday that ongoing inflation poses a significant risk to the economy. He added that while the US economy demonstrates resilience and the labor market continues to function effectively, high oil prices are still pressuring household and business expenses.
Increased expectations of rising interest rates are driving higher yields on US Treasury bonds and a strengthening dollar, creating obstacles for precious metals. In an environment where silver does not generate income, rising yields on fixed-income assets typically decrease its relative attractiveness for investors.
From a technical perspective, oscillators are positive, and silver is trading above key moving averages, confirming a positive sentiment, and the current decline is merely a correction.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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