Silver price depreciates as risk-sensitive assets advance due to improving risk-on sentiment.
The dollar-denominated Silver faces challenges as the US Dollar surges to its highest level since November 2023.
Higher yields exert downward pressure on non-yielding assets like Silver.
Silver price (XAG/USD) extends its losses to two-month lows, trading around $29.90 per troy ounce during the European hours on Thursday. This downside of the safe-haven Silver is attributed to improving risk sentiment since Donald Trump’s election victory last week.
The US Dollar (USD), equities, and cryptocurrencies are advancing as markets anticipate strong growth and higher inflation under the incoming Trump administration. The proposed policies could drive increased investment, spending, and labor demand, raising inflation risks.
The dollar-denominated Silver faces challenges due to solid US Dollar (USD). The US Dollar Index (DXY), which measures the value of the US Dollar against its six major peers, holds steady around 106.60, its highest level since November 2023.
The US Dollar also gains support from rising US Treasury yields, with the 2-year and 10-year yields standing at 4.29% and 4.46%, respectively, at the time of writing. Additionally, these higher yields are exerting downward pressure on non-yielding assets like Silver.
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