Silver Prices Surge

Silver prices experienced a significant rally, climbing over 3% to refresh a seven-week high at $66.07. The advance in the white metal was notable as it occurred despite a concurrent rise in US Treasury yields. At the time of reporting, silver was trading around $65.76 as buyers tested key resistance levels. fxstreet

Hawkish Fed Comments and Rising Yields

Hawkish commentary from a Federal Reserve official influenced market sentiment, as Cleveland Fed President Beth Hammack stated that policy is not yet restrictive enough and that further rate hikes are necessary. In the bond market, US Treasury yields climbed as traders repositioned ahead of this week's key US inflation figures. The focus on inflation was heightened by a recent spike in oil prices and a weaker-than-expected Nonfarm Payrolls report last week. fxstreet +1

Mixed Performance in Currency Markets

The US Dollar exhibited a mixed performance against other major currencies on Monday. The greenback gained ground against the Japanese Yen, Euro, and New Zealand Dollar. In contrast, the British Pound maintained its recent strength, holding near its best levels since mid-July following last week's softer US payrolls report. fxstreet +3