Silver Surges to $69.19 as Dollar Weakness Fuels Precious Metals Rally

The price of silver has surged to $69.19 an ounce, up 0.4% on the day, as it climbs alongside gold in a precious metals rally that began in August.

The rally is being fueled by a weaker US dollar and easing Treasury yields, which have reduced the cost of holding non-interest-bearing assets like silver and gold.

Central banks have also been buying more gold and silver as they diversify their reserves away from the dollar.

Morgan Stanley has predicted that gold could reach $5,000 an ounce by 2027, while Goldman Sachs has called it a top pick among commodities for the months ahead.