Silver fell 0.89% to about $57.50 an ounce in an FXStreet snapshot at 10:10 a.m. ET Wednesday, Oct. 21, as U.S. yields edged higher and Iran-related supply concerns lifted oil.
The U.S. Treasury's daily par yield curve listed the 10-year par yield at 5.13% for Oct. 21, compared with 5.12% on Oct. 20. Treasury says the yield uses bid indications gathered by the Federal Reserve Bank of New York near 3:30 p.m. ET, several hours after the silver snapshot.
FXStreet said higher yields and a firmer U.S. dollar weighed on silver, which pays no interest. The outlet said geopolitical uncertainty could offer some support for the metal as a safe-haven asset.
By 6:48 a.m. ET (10:48 UTC), Brent crude futures were at $110.85 a barrel, a $2.06 increase and a 1.9% session gain, Reuters reported. Reuters linked the rise to concern about Iran diplomacy and oil supply risks. Saba News Agency said Iranian Foreign Minister Abbas Araghchi told Iraqi broadcaster Al-Iraqiya that Iran would keep limiting vessel traffic through the Strait of Hormuz until Tehran reached an understanding with Washington. Saba described Iran's seven-day proposal as one that would allow the strait to reopen on the sixth day if Washington accepted Tehran's terms.
The Consumer Price Index (CPI) rose 0.6% in September from August on a seasonally adjusted basis and was 3.7% higher than a year earlier on an unadjusted basis, the U.S. Bureau of Labor Statistics said. The seasonally adjusted gasoline index rose 9.1% in September.
The Federal Reserve's Federal Open Market Committee is scheduled to meet Oct. 27-28, with its policy announcement set for 2 p.m. ET on Oct. 28. The Bureau of Economic Analysis scheduled its September Personal Income and Outlays report, which includes the personal consumption expenditures price index, for Oct. 29 at 8:30 a.m. EDT.
