Silver price finds cushion near $28.70 as US yields slump.
The Fed is expected to start cutting interest rates from September.
Investors await the US Q2 GDP and June’s core PCE inflation data.
Silver price (XAG/USD) discovers interim support near $28.70 in Tuesday’s American session after four-day losing spree. The white metal finds temporary support as US bond yields decline amid firm speculation that the Federal Reserve (Fed) will start reducing interest rates from the September meeting.
10-year US Treasury yields fall to near 4.24%. Lower yields on interest-bearing assets reduces the opportunity cost of holding an investment in non-yielding assets, such as Silver.
Meanwhile, the US Dollar (USD) rises as its safe-haven appeal improves due to uncertainty over United States (US) presidential elections in November. Democrats have nominated Vice President Kamala Harris as their contender against Donald Trump-led Republicans.
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