The US Dollar Index, a gauge of the buck’s value vs. a basket of its rivals, is almost flat in the day, though slightly positive, at 102.342, recovering from earlier losses that dragged prices towards 102.269. The US 10-year benchmark note rate sits at 3%, gaining two-basis points, a headwind for silver prices. European and US equities are falling, reflecting a dismal sentiment, weighed by rising bond yields. Investors assess global central banks tightening monetary conditions. As of Thursday, the European Central Bank (ECB) will be the next in line; though it is expected to hold rates unchanged, an announcement of the end of the APP can lay the ground for the first-rate hike in the July meeting.

Elsewhere, the OECD is the latest international organization to shrink expectations for higher global economic growth. By 2022, the OECD estimates growth at 3.0%, lower than the 4.5% estimated, and by 2023, it will hit 2.8% YoY, less than the 3.2% previously foreseen.

In the meantime, XAG/USD prices remain on the defensive after opening above $22.20. As soon as Wednesday’s Asian session kicked in, prices fell, though the non-yielding metal reclaimed $22.00 after reaching a daily low near $21.80. In the week ahead, the US calendar will feature Initial Jobless Claims for the week ending June 4, followed by consumer inflation data, alongside the University of Michigan’s Consumer Sentiment.