The Silver price hit a two-month high above $67 after the US Treasury’s larger bond-buyback plan revived precious-metals demand, before profit-taking emerged.

Silver prices pushed to their highest level in two months on Thursday after Wednesday’s powerful rally carried XAG/USD through the mid-$60s.

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The Silver to US Dollar (XAG/USD) price reached $67.11 before easing to around $66.66, leaving it 0.46% lower on the day but still 3.20% higher over five sessions.

The metal has gained more than 18% over the past month.

Silver Breakout Meets Profit-Taking

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The latest move was triggered by the US Treasury’s decision to at least double some bond-buyback operations at the long end of the curve.

That announcement pulled Treasury yields and the Dollar lower on Wednesday, providing a sharp boost to non-yielding assets and helping silver outperform gold.

TD Securities’ Gennadiy Goldberg described the Treasury move as “the first of many possible actions” available to support the long end.

The rally has since encountered profit-taking as hawkish elements in the Federal Reserve minutes reminded investors that another rate increase has not been ruled out.

For silver, the technical picture has nevertheless improved substantially.

A sustained break above $67.10 would put $70 back in focus, while the $64-$65 area should now offer the first meaningful support after the latest breakout.

Failure to hold above $62.50 would weaken the recovery signal, but with XAG/USD still sharply higher over one month, momentum remains more constructive than it was in July.

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