US Silver and Gold Prices Rise Amid Weak Dollar and Fed Split

Silver on the COMEX gained 1.6%, pushing the price above US$33 per ounce – the highest level in more than a week. The rally was supported by a weaker US dollar, a modest decline in 10‑year Treasury yields and renewed risk‑appetite across metal markets, with enough volume to suggest a firmer short‑term price floor.

Gold traded around US$4,168 per ounce, up roughly 1% on the day but still more than 26% below its all‑time high of US$5,626. The Federal Reserve left its benchmark rate unchanged at 3.50‑3.75%, yet three Fed officials, including Cleveland Fed president Beth Hammack and Minneapolis Fed president Neel Kashkari, voted for an immediate 25‑basis‑point hike, marking the first internal split of this magnitude since 2016. Higher yields lessen gold’s appeal as a non‑interest‑bearing safe‑haven asset.

Despite the mixed market signals, central banks continued to add to gold holdings, purchasing 289 tonnes in the second quarter, according to the World Gold Council. This institutional demand, alongside geopolitical tensions in the Middle East, helped limit a deeper correction in gold prices.