Silver climbed to $65.70 an ounce on Monday, extending a rebound from last week's pullback as softer U.S. economic data pushed back expectations for a Federal Reserve rate increase.
At 8:05 a.m. ET, the spot price was up 1.56%, or $1.01, from the previous close of $64.70, according to market data cited by USA Today. Fortune reported an earlier reading of $65.48 at 6 a.m. ET, a 66-cent gain from the prior session. The metal has risen more than 70% over the past 12 months from $38.01, though it remains 44% below its 52-week high of $117.39 set earlier this year.
The advance follows a run of U.S. reports that cooled the case for tighter policy. July CPI eased to 3.4% year-over-year from 3.5% in June, marking the second straight month of deceleration, while an unexpected decline in nonfarm payrolls and a drop in retail sales added to evidence of slowing momentum. Fed-funds futures now price roughly a one-in-three chance of a September hike, down from about 55% a week earlier, according to DBT Bureau.
The U.S. Dollar Index slipped to around 99.50 in Asian trade Monday, removing a barrier that had stalled last week's breakout attempt. A weaker dollar mechanically supports dollar-denominated commodities, and silver's gain mirrored a 0.44% rise in gold to $4,396 an ounce.