Silver price is trading below its opening price by around 0.37%, though it stays above the $24.00 threshold. Falling US Treasury bond yields and a soft US Dollar (USD) are two reasons for XAG/USD’s rise. At the time of writing, the XAG/USD exchanges hands at $24.01.

The sentiment is deteriorating. US equities fluctuated after the S&P and the ISM Manufacturing PMIs, showing that business activity in the US is contracting. Recessionary fears are rising, and tighter lending conditions are weighing on businesses.

Therefore, safe-haven flows towards the precious metal segment, maintaining Silver prices nearby yearly highs. US Treasury bond yields are collapsing as investors have begun to price in a less aggressive US Federal Reserve (Fed), even though an official estimates rates above 5%.

The St Louis Fed President James Bullard said that the Fed needs to raise rates above 5% and emphasized that his forecast is above the median. Bullard commented that OPEC’s cutting oil output would make the Fed’s work “difficult.”

The US Dollar Index, a measure of the buck’s performance vs. six peers, tumbles 0.41%, at 102.168.

Another reason that keeps the commodity prices higher is the Organization of Petroleum Exporting Countries and its allies’ (OPEC ) decision to reduce oil production by 1 million barrels, which led to a boost in oil prices.