Silver Surges Above $65 for First Time as Gold Climbs

For the first time, silver surged past the $65 mark on Wednesday, while gold climbed following weak U.S. labor data. This rekindled expectations of interest rate cuts, putting pressure on the dollar and boosting demand for precious metals.

In spot transactions, silver rose 2.8% to a record $65.63 per ounce. Gold also followed silver's lead, increasing 0.4% in spot trades to $4321.56 per ounce. Additionally, U.S. gold futures climbed 0.4% to $4350.50.

The dollar index came close to its lowest level in over two months, touched on Tuesday, making dollar-denominated bullion more appealing to overseas buyers. Investors are now eagerly awaiting key U.S. inflation readings.

The Consumer Price Index is slated for release on Thursday, and the Personal Consumption Expenditures Index, the Federal Reserve's preferred inflation gauge, is scheduled for Friday. Among other precious metals, platinum rose 2.5% to $1896.40, its highest in over 14 years. Meanwhile, palladium held steady at $1602.60 after reaching its highest in two months earlier in the session.