Silver Price Soars on Weak US Dollar and Paused Treasury Yields

The silver price (XAG/USD) has continued its upward trend, reaching near $65.70 amid weakness in the US Dollar.

This comes as the US Dollar Index (DXY) trades close to Wednesday's low near 99.45, following soft US ADP Employment Change data for August, which reported a private sector job creation of only 38K, lower than estimates and the prior release of 46K.

Technically, this makes silver a favorable risk-reward bet for investors as the US Dollar declines further.

The rally in US Treasury Yields has also paused after reaching a record high at 4.82%, which has offered some support to non-yielding assets like silver, with 10-year US Treasury Yields correcting to near 4.77%.