Silver Prices Soar Above $62 as Inflation Concerns Ease

Silver prices have surged above $62.00 per ounce as concerns about inflation ease and expectations of aggressive Federal Reserve rate hikes diminish.

The latest US Consumer Price Index (CPI) report showed a slower-than-expected rise in inflation, which has boosted demand for the precious metal as a store of value.

Silver's dual role as both a monetary and industrial metal has amplified its price swings compared to gold. The metal is used extensively in solar panels and electronics, driving strong industrial demand.

The technical outlook for XAG/USD suggests that breaking above $62.00 signals bullish momentum, with the next resistance zone near $63.50. Support sits at $60.50, followed by the psychological $60.00 mark.