Silver prices advance toward $58.80 per ounce on Thursday, gaining around 1.7% as softer United States inflation data and weaker-than-expected economic growth place pressure on the US Dollar. The US Core Personal Consumption Expenditures Price Index rose 0.1% MoM in June, below the 0.2% market forecast and slowing from the previous 0.3% increase. Headline PCE declined 0.1% on the month, following a 0.5% increase previously, while the annual rate slowed to 3.7% from 4.1%. The softer inflation readings reinforced expectations that the Federal Reserve (Fed) could adopt a less restrictive monetary policy stance if price pressure continues to moderate. However, the GDP Price Index surged 6.3%, well above the 3.6% forecast, indicating that some inflationary pressure remains elevated.