Silver Surges to Near $67 as US Dollar and Bond Yields Fall

The price of silver (XAG/USD) has surged to near $67.00 during the Asian trading session on Tuesday, driven by a decline in the US Dollar and bond yields.

The US Dollar Index (DXY), which measures the value of the Greenback against six major currencies, fell 0.1% to around 98.83. Meanwhile, 10-year US Treasury Yields dropped 0.17% to near 4.77%, making non-yielding assets like silver more appealing.

Investors are paying close attention to the upcoming Consumer Price Index (CPI) data of August, which is scheduled for release on Friday. According to TD Securities, the CPI report will show that underlying inflation remains contained, with core prices rising 0.19% month-over-month and 2.3% year-over-year.

The Producer Price Index (PPI) data of August will be released on Thursday, before the CPI report. In the daily chart, XAG/USD holds a constructive near-term bias, as price remains above the nine-day Exponential Moving Average (EMA) at $66.49, suggesting that the recent pullback is being supported rather than reversed.