Silver Prices Advance on Lower Bond Yields

Silver prices rose during the European session, trading near $57.30 per troy ounce. The advance in the white metal was linked to pressure on United States Treasury yields, which declined after moving sharply higher in the previous session.

Gold Pressured by Inflationary Concerns

Gold prices extended their losses for a third consecutive day, moving lower as rising crude oil prices stoked global inflation fears. These concerns reinforced market expectations that the Federal Reserve will need to keep interest rates higher for longer to combat inflation.

US Dollar Fluctuates Amid Shifting Fed Expectations

The US Dollar Index lost ground as market participants increasingly bet on the Federal Reserve holding interest rates steady, with some analysts noting the dollar's recent rally may have peaked. However, the greenback found some support and pared its losses as surging oil prices added to inflationary pressures.

Energy Prices Surge on Middle East Tensions

Geopolitical risks in the Middle East drove a sharp rally in energy markets, with WTI crude oil futures hitting a fresh monthly high near $100.50 a barrel following attacks on oil tankers. Separately, European natural gas prices climbed to their highest levels since 2022 on supply fears, supporting commodity-linked currencies like the Canadian Dollar.