Silver edges higher, holds above $69

Spot silver climbed 0.25 per cent to $69.112 an ounce on Monday, Mettis Global reported, and stayed above the $69 level. The metal hovered near a two-month peak as concerns about U.S. debt management and fiscal health supported demand for precious metals. Silver has advanced around 18 per cent so far this month.

The rally followed a surprise step-up by the U.S. Treasury in buying back longer-dated government debt, a move that lowered yields and weakened the greenback. Trading View said this revived the debasement trade, drawing investors toward silver and other precious metals. A softer dollar also made the metal more appealing to overseas buyers.

U.S. Treasury Secretary Scott Bessent has signalled that the buyback programme could expand, while the administration prepares steps to lower borrowing costs that remain near multi-year highs. On the other side, elevated oil prices could restrain further gains by keeping inflation pressures high and reducing hopes for rate cuts soon. Traders are also watching a pending U.S. announcement on extra sanctions against Iran, while gold, meanwhile, climbed to a peak not seen in over three months.