Silver futures fell 2.30% from the previous session close.
December silver futures traded at $56.39 per ounce in early Thursday session. Prices have ranged between $56.36 and $58.10 since the current session opened Wednesday. The contract traded between $56.74 and $58.42 over the previous five sessions.
Spot silver struggled to maintain its recovery as industrial demand doubts and rate uncertainty persisted. Industrial exposure adds sensitivity to signs of weaker economic activity. Geopolitical tensions in the Strait of Hormuz have supported oil prices, reinforcing inflation expectations. Higher crude costs strengthen the case for restrictive monetary policy, which pressures non-yielding assets.
The US Dollar Index slipped 0.19% to 101.58. The benchmark 10-year Treasury yield held near 5.13% after rising one basis point. Traders assign an 88% probability that the Federal Reserve will hold rates steady at its October meeting. Expectations for further tightening remain concentrated in December.
The next upside objective requires a move above the $57.86 to $58.37 zone. Stronger physical demand from Asia has previously offset some interest-rate pressure.
US initial jobless claims data is due at 12:30 UTC on Thursday. Preliminary manufacturing and services PMI releases are scheduled for Friday.
Sources: Yahoo Finance quotes, US Treasury, Kalshi, ForTraders economic calendar.
