Silver prices held near the $60 level on Thursday, facing continued pressure as support weakened over several days. Traders expect more volatility in the market.
The precious metal struggles to find clear direction. A breakdown below the $57 mark could send prices towards the $50 level, a significant long-term support point.
Rising interest rates in the United States are a major factor against silver’s value. Concerns about inflation drive these rate increases, which often push the US dollar higher.
The market appears unable to gain upward momentum. Short-term rallies are likely to become selling opportunities for traders.