Silver prices rose toward $88 per ounce on Wednesday.
The metal reached a two-month high and notably outperformed gold.
Prices climbed despite hotter-than-expected U.S. producer and consumer inflation data.
High inflation readings bolstered the U.S. dollar, which typically pressures precious metals.
Industrial demand for electronics and solar panels currently drives silver's price action.
This industrial focus is overshadowing silver's traditional role as a monetary asset.
The rally persisted despite diminishing expectations for Federal Reserve interest rate cuts.
Silver prices also ignored India's decision to increase import tariffs to 15%.