Silver records gains near $33.50 after decline
Silver prices recovered from the latest decline recorded in the previous session, trading around $33.30 per troy ounce during Asian trading hours on Wednesday (05/28). However, precious metals, including Silver, faced selling pressure amid a stronger US Dollar (USD).
Dollar-denominated Silver lost its appeal as a higher US Dollar made it expensive for foreign buyers. The greenback gained support after Japan hinted at a potential cut in government debt issuance, which boosted global bond markets and pressured US yields. At the time of writing, the 10- and 30-year yields on US Treasury bonds were at 4.46% and 4.97%, respectively.
Additionally, the safe-haven demand for Silver weakened due to easing trade tensions between the United States (US) and the European Union (EU). US President Donald Trump extended the deadline for tariffs on imports from the European Union from June 1 to July 9. On Monday, Brussels agreed to accelerate trade talks with the United States to avoid a transatlantic trade war.
Source: FXStreet