Silver Jumps 2% on US Inflation Data, Outpacing Gold Gains
The US inflation data for Tuesday revealed that prices rose as expected, alleviating concerns of accelerated interest rate hikes by the Federal Reserve. This led to a surge in silver prices, which jumped over 2% and outpaced gold's gains.
The Consumer Price Index (CPI) showed a continued slowdown in price pressures, although inflation remains above the Fed's target of 2%. Investors interpreted this as a signal that the central bank may maintain its current policy path, supporting precious metals like silver.
Spot silver was trading at around $24.50 per ounce, up 2.3% from the previous close. This move brings the metal closer to the upper end of its range-bound zone, but sustained gains may require further clarity on Fed policy and global economic growth.