Silver prices edged lower on Tuesday, trading near $60.75 as the US Dollar strengthened amid rising US Treasury yields and heightened tensions in the Strait of Hormuz. According to FX Street, silver (XAG/USD) was down 0.38% on the day at the time of reporting.
The strengthening US Dollar often weighs on precious metals like silver, making them more expensive in other currencies and reducing demand. Additionally, geopolitical concerns in the Hormuz region have contributed to risk sentiment, further supporting the greenback.
For Japanese investors, the decline in silver prices comes as the yen remains sensitive to fluctuations in the US Dollar and global risk factors, impacting cross-asset strategies across FX and commodities markets.