Silver Soars to $69 as Weak US Dollar Boosts Investor Appetite

Silver prices have been rising for the second consecutive day, trading around $68.80 per troy ounce during European hours on Wednesday.

This surge is attributed to the US Treasury's decision to double liquidity-support buybacks for longer-dated notes and bonds, which has put downward pressure on the US Dollar (USD).

The resulting environment has been favorable for precious metals, with strategists at Deutsche Bank highlighting that 'Treasury yields moved lower across the curve.'

This decline in Treasury yields, particularly the 2yr (-5.9bps), 10yr (-6.8bps), and 30yr (-5.9bps) rates, underscores the strength of the rally.

The pullback in crude oil prices has also tempered broader inflation anxieties, further boosting investor appetite for Silver as an attractive alternative asset.