Silver (XAG/USD) prices fell near $29.60 in thin trading after the Christmas and Boxing Day holidays on Friday (12/27). The white metal came under pressure despite heightened tensions in the Middle East between Israel and Iran.
On Thursday, Israel launched missiles at the Iran-backed Houthi military and bombed Yemini airport. Following the airstrike, Israeli Prime Minister Benjamin Netanyahu said in an interview with Israel's Houthi TV station, "We have just started with them." Israel retaliated against last week's airstrike by Iran.
Historically, rising geopolitical tensions increase demand for safe-haven assets, such as Silver.
Meanwhile, the US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, oscillated in a tight range above the key support of 108.00. The yield on the 10-year US Treasury note rose near 4.61%. Higher yields on interest-bearing assets raise the opportunity cost of non-interest-bearing assets, making them expensive bets for investors.
U.S. Treasury yields remained firm on expectations that the Federal Reserve (Fed) will deliver fewer interest rate cuts in 2025. The Fed is expected to slow its policy easing cycle amid confidence in the U.S. economic outlook.
Source: FXStreet
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