The rise in silver prices could be attributed to a weaker US Dollar (USD) amid lower Treasury yields. A weaker dollar generally boosts demand for dollar-denominated commodities like silver, making it more attractive to buyers using other currencies.
The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of six major currencies, was trading around 103.80 with the 2-year and 10-year US Treasury yields at 4.17% and 4.31%, respectively, at the time of writing.
Silver prices may remain volatile as traders also brace for the upcoming monetary policy decision from the US Federal Reserve (Fed) scheduled to be released later this week. The CME FedWatch Tool currently shows a 99.7% probability of a quarter-point interest rate cut by the Fed in November.
As for the US presidential election, traders are cautious amid heightened uncertainty surrounding the outcome of Tuesday's election. Current polls show Vice President Kamala Harris with a narrow lead in Nevada, North Carolina and Wisconsin, while former President Donald Trump has a narrow lead in Arizona. The candidates are neck and neck in Michigan, Georgia and Pennsylvania. Conducted from Oct. 24 to Nov. 2, the latest New York Times/Siena College poll shows all seven battleground states within a 3.5% margin of error.
Source: FXStreet
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