Familiar Levels In Play, Despite Thursday Swings

The yellow metal has stuck to familiar territory over the last 24 hours or so, leaving bullion little changed in Asia-Pac trade, with spot sitting a little above $1,840/oz.

• We should flag that the sharp push higher witnessed during Thursday's NY morning was potentially linked to a bid in silver, which in turn was linked to U.S. retail investors seemingly turning their attention to short sellers of the iShares Silver Trust (SLV).
• Bullion then unwound intraday gains during the NY afternoon, even as the dollar softened and U.S. real yields operated on the backfoot (albeit not in a straight line). The DXY is at similar levels vs. this time yesterday, while U.S. real yields sit a little lower in the main.