Silver Rallies as Fed Anticipation and Dollar Weakness Fuel Price Surge

Silver prices surged on Friday, climbing 2.67 percent to $69.94 per ounce, as investors anticipated the Federal Reserve's meeting minutes and a softer US dollar.

The move builds on Thursday's momentum, when silver futures jumped 4.83 percent on the COMEX while gold futures rose to $4,580.70.

The latest leg higher in silver follows last week's whiplash driven by Washington's bond-market maneuvers, including the Treasury Department's announcement that it would double its buyback program for 10- to 30-year government debt to at least $4 billion per operation starting September 9.

While Treasury Secretary Scott Bessent said the operations could run larger than initially announced, the initial relief provided by the announcement was short-lived as yields began climbing again, prompting silver to consolidate around $66.70 and then recover to $67.95 by Thursday's close.