Silver Price Soars Amid Volatility as Treasury Debt Buybacks Fuel Rally

Silver prices surged to near $69.00 amid heightened volatility as investors responded to the US Treasury Department's plan to at least double its long-term debt buybacks.

This move, aimed at containing borrowing costs, drove Treasury yields and the dollar sharply lower, fueling silver's upward momentum.

However, Brown Brothers Harriman's Elias Haddad observed that US long-term Treasury yields have largely unwound their initial drop triggered by the buyback announcement, while the USD continues to soften.

Rising oil prices, which continue to highlight persistent inflationary risks and boost expectations for interest rate hikes, may cap further gains for non-yielding silver.