Silver Price Surges Past July Peak Amid Weakened US Dollar

The Silver price (XAG/USD) has surged for two consecutive days, trading at $64.30 after breaking above July's peak in the $63.30 area.

This bullish trend continues from last week's rally, which was fueled by downbeat US Nonfarm Payrolls data, causing a decline in Federal Reserve rate hike expectations and sending the US Dollar Index (DXY) below 100.00.

Futures markets have reduced the odds of a September rate hike to 44% from 67%, according to the CME Group's FedWatch Tool, further weakening the US Dollar.