US Treasury yields remain high, silver continues to fluctuate and adjust

Bitget

News

新浪财经2026/07/31 00:06

Show original

By:新浪财经

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

US Treasury yields remain high, silver continues to fluctuate and adjust image 0

Source: Huitong Finance

Spot Silver

(XAG/USD) saw a rally and then a pullback on Thursday, briefly extending its rebound during the Asian trading session but turning lower upon entering the European market. It is currently trading near $57.80/oz, with an intraday high of $58.65. In the short term, silver is mainly under pressure from the rapid rise in US Treasury yields. The market is once again raising expectations that the Federal Reserve may further tighten its policy, which is pushing US Treasury yields higher and reducing the appeal of holding non-yielding assets for investors.

The market analysis indicates that movements in bond yields mainly reflect adjustments in interest rate expectations. If investors believe inflationary pressure will force the Federal Reserve to raise rates, yields could climb further, putting pressure on precious metals like silver and gold. Currently, the US 10-year Treasury yield is up about 1.8%, approaching a stage high of 4.71%. Persistently rising yields mean that the market is more cautious about the future real interest rate environment, thus increasing the investment cost of precious metals.

　　Meanwhile,

the US Dollar Index

rebounded to around 101.00 after a sharp drop following Wednesday’s Federal Reserve decision. A stronger dollar typically weighs on silver, as dollar-denominated precious metals become more expensive for non-dollar investors, thereby diminishing market demand.

　　The dollar rebound is mainly affected by changes in Federal Reserve policy expectations. At its latest meeting, the Federal Reserve kept the federal funds rate target range unchanged at 3.50%-3.75%. However, the policy statement and the remarks of Federal Reserve Chairman Kevin Walsh showed that policymakers remain highly concerned about inflation risks. The market believes the Fed hasn't sent a clear easing signal, instead emphasizing the need to ensure inflation falls consistently toward the 2% policy goal. This stance has prompted investors to reassess the future rate path.

　　According to market tools, investors currently price in nearly a 75% probability of at least one rate hike by the Federal Reserve before its October meeting. If expectations for future rate hikes continue to rise, both the dollar and US Treasury yields may move higher, putting further pressure on silver prices. Nonetheless, silver still benefits from some supportive factors. As a precious metal, silver can gain from global safe-haven demand, and its industrial properties make it affected by changes in the manufacturing cycle. If global economic data stays stable and demand from the new energy sector continues to grow, silver's medium- to long-term demand still shows resilience.

　　Currently, the silver market is in a phase of policy expectation realignment. Following the recent Federal Reserve decision, the dollar fell sharply and pushed silver up in the short term, but the subsequent rebound in yields and the dollar quickly pared these gains. The market's focus ahead will be on US economic data, inflation metrics, and Fed officials’ speeches. If inflationary pressures persist and the Fed maintains high rates for an extended period, silver may continue to face pressure. If signs of an economic slowdown appear and markets start to price in a policy pivot, silver may have a chance to rally again.

Looking at the daily chart,

spot silver

fell sharply after touching $58.65, with the current price down to around $57.80, indicating that short-term bulls are facing increased profit-taking pressure. The overall trend remains a high-level consolidation, with upside resistance eyed at the $58.50 and $60.00 zones. If the $60 psychological barrier is breached, the price could further test the $62 area. On the downside, $57.00 is a key short-term support level, and a break below this zone could lead to further retracement toward $55.50. Currently, market momentum is affected by the dollar and yields, with a short-term bias toward range-bound consolidation.

On the 4-hour chart, silver saw a pullback after an intraday surge, and short-term bullish momentum is clearly diminishing. Technical indicators show that prices are testing a key support region. If prices can hold near $57 and break back above the $58 resistance, a short-term rebound remains possible. However, a drop below $57 could open up further downside potential, with focus on the $56 area. Next, attention should be on

the US Dollar Index

, US Treasury yields, and changes in Fed rate hike expectations.

　　Editor's Summary

Silver's current trend is dominated by interest rate expectations and movements in the dollar. Although the Fed kept rates unchanged, the market’s rising expectations for future hikes are pushing up US Treasury yields and weighing on silver in the short term. At the same time,

the rebound in the US Dollar Index

is further diminishing the appeal of precious metals, causing silver to switch from early gains to consolidation. However, global safe-haven demand and the industrial nature of silver still provide long-term price support. The key to future silver trends lies in the Fed's policy path. If inflationary pressure continues to drive rates higher, silver may remain range-bound with a bearish tilt; but if economic data weakens and rate hike expectations ease, silver could regain upside momentum. In the short term, the support area near $57 will be an important technical level the market is watching.

Editor: Zhu Henan

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

US Treasury yields remain high, silver continues to fluctuate and adjust

You may also like

Crypto prices