Silver Breaks Above $64 as Weaker Dollar and Easing Inflation Buoys Prices

Silver prices have surged to above $64.30, driven by a weaker U.S. dollar and fading expectations of Fed rate hikes.

The cooling of the U.S. labor market has been a primary driver behind the rally in precious metals. The nonfarm payrolls fell by 23,000 in July, a stark contrast to the market's prior expectation of an 80,000 increase.

The marked slowdown in U.S. job growth has further dampened expectations for Fed rate hikes and weighed on the U.S. dollar index, which has fallen below the key 100 level.