Silver Surges Past $69.00 Amid USD Weakness and Investor Demand
Silver prices surged to two-month highs above $69.00 in early European trading on Friday, marking the third consecutive day of gains for the precious metal.
The rally comes as investors flock away from the US Dollar following the US Treasury's announcement of a plan to boost buybacks of long-term securities.
Commerzbank analysts note that the US Treasury's stance adds a structural headwind for the Dollar, as investors reassess the balance between rate containment and currency strength.
The technical analysis suggests that XAG/USD trades firm at $69.02, holding a bullish structure with momentum indicators endorsing the upside view.