Silver sheds over 1%, heads for second straight daily loss

Silver prices fell on Monday, to head for the second daily loss, and pulled back from a 2-week high due to profit-taking and the recovery in the US bond yields, ahead of the Federal Reserve monthly meeting.

Silver prices fell 1.3% to $27.58 an ounce, after opening at $27.88, and a high at $27.98.

Silver lost 0.25% on Friday, after after hitting its 2-week high at $28.28 an ounce, but turned lower afterwards due to rising US dollar.

Last week, silver gained 0.5%, and posted its third weekly gain in a month, thanks to hopes about the demand recovery.

The US 10-year treasury yields surged by 1.3%, to extend its rebound for the second day, hurting the market appetite in precious metals. 

Markets await the Federal Reserve monthly meeting, as this meeting would set estimates correctly for policy tightening by the Fed in the next few years.