Silver (XAG/USD) surged more than 4% on Wednesday, climbing above the $60 mark and approaching the 50-day simple moving average (SMA). The precious metal's sharp rise reflects renewed investor interest amid a softer US dollar.
According to FX Street, the Greenback remained weak due to softer-than-expected US jobs data and other economic indicators, which helped lift silver prices. This dollar weakness often supports precious metals as alternative assets.
For Japanese investors, this movement is notable given the impact of currency fluctuations on commodity prices and the ongoing search for safe-haven assets amid global economic uncertainties.