Silver Prices Surge to $65.40 Ahead of US CPI Data

Silver prices (XAG/USD) surged by 1.1% to around $65.40 during the Asian trading session on Wednesday, ahead of the US Consumer Price Index (CPI) data for July.

The CPI data is expected to show a slower annual pace of 3.4%, down from 3.5% in June, and a core inflation rate of 2.5% Year-on-Year (YoY), also lower than the previous reading of 2.6%.

Investors are closely watching the US inflation data for cues on the Federal Reserve's monetary policy outlook, as Chairman Kevin Warsh warned of upside inflation risks and expressed commitment to bringing inflation down to the 2% target.