Silver traded near $66 an ounce Tuesday as rising Treasury yields and expectations for another Federal Reserve rate increase weighed on the non-yielding metal. Spot silver fell 0.2% to $66.42 by 0432 GMT, with traders watching whether the $66 area can absorb selling before U.S. labor data alter the interest-rate outlook. Markets price a 66% probability of a September Fed increase and an 89% chance of one by December after Chair Kevin Warsh’s hawkish Jackson Hole remarks. Silver has consolidated after retreating from above $67.40, while an intraday TradingView snapshot from Australian Gold Fund showed XAG/USD near $66.25. A sustained hold around $66 followed by a move through $66.80-$67 would improve the short-term structure, whereas a decisive break lower could deepen the retracement. The gold-silver ratio stood near 66.7 using Reuters’ Tuesday spot prices, suggesting silver has retained relative strength against gold despite its pullback. The U.S. 10-year Treasury yield rose to about 4.78%, its highest since early 2025, as renewed Middle East fighting pushed oil above $90 and heightened inflation concerns. The July Job Openings and Labor Turnover Survey was due at 10 a.m. Eastern time Tuesday, followed by the August employment report at 8:30 a.m. Eastern Friday. Longer term, the Silver Institute’s World Silver Survey 2026 forecasts a sixth consecutive annual supply deficit of about 46.3 million ounces, with demand near 1.11 billion ounces, broadly flat mine production and coin-and-bar investment up 18%.