Silver prices climbed on Friday. Spot prices rose over 1%. Prices reclaimed the $65.00 per ounce level.
A slight pullback in the U.S. Dollar catalyzed the move. U.S. Treasury yields also corrected. Yields had recently surged to multi-decade highs.
The 10-year Treasury yield eased from its 19-year high of 5.22%. This reduced the opportunity cost of holding non-yielding assets like silver.
This rebound follows a period of significant pressure on precious metals. Expectations of a hawkish Federal Reserve drove this pressure. A 'higher-for-longer' interest rate environment also contributed.
The pause provided short-term relief for silver. Broader market sentiment remains cautious.
The underlying strength of the U.S. economy supports the dollar and yields. Persistent inflation concerns also support them. This suggests potential headwinds for silver remain.