• XAG/USD sets a second day in a row of gains, jumping to a four-day high of $22.88.
• A cautious market mood ahead of central bankers' speeches at the ECB’s Forum gives the Silver traction.
• Falling US yields make precious metals find demand.

On Monday, XAG/USD reclaimed the 200-day Simple Moving Average (SMA) at $22.52 and soared to a high of $22.88. This surge in Silver prices can be attributed to a cautious market sentiment preceding the upcoming speeches from central bankers at the European Central Bank (ECB) Forum at Sintra. Furthermore, the declining US yields have led to increased demand for precious metals, further supporting Silver's upward momentum.

Falling yields ahead of ECB’s forum favor the commodities prices

The ECB Forum at Sintra kicked off, and Christine Lagarde will deliver a speech on Monday. On Wednesday, it will be the turn of Federal Reserve (Fed) Jerome Powell and Bank of England (BoE) Governor Andrew Bailey. Investors will be looking for clues regarding forward guidance for each bank's respective monetary policies, and as non-yielding precious metals tend to be negatively correlated with higher interest rates, hawkish clues may apply downward pressure on the Silver.

In the meantime, the 10-year US Bond yield and the DXY Index declined, making the XAG/USD find demand. That being said, the mentioned yield retreated 0.54% to 3.71% while the Dollar Index rose to 102.75 saw slight losses