Silver Defends Key Technical Floor Ahead of Pivotal US Inflation Data

Silver prices pulled back on Tuesday but held above $63 per ounce, maintaining near-term recovery prospects as traders await the July Consumer Price Index report.

The upcoming CPI data release is the key catalyst for precious metals markets this week, and a softer-than-expected reading could ease pressure on the US dollar, supporting silver prices.

Citi has raised its zero-to-three-month silver price forecast to $70 per ounce, up from a previous target of $60 set in June, which would represent about 8% additional upside from current levels.