Silver hit a new peak today due to persistent supply shortages and increasing hopes of an interest rate reduction in the US.
Today, silver reached a record high of $57.86 per ounce after nearly a 6% increase on Friday. The white metal has now risen for six straight days and has doubled its value this year, outperforming gold’s approximate 60% rally.
Gold remained steady at $4,248.50 an ounce following its recent five-week highs.
Investor interest in silver grew last month, as both metals have benefited from increasing expectations that the Federal Reserve will lower interest rates in December. Markets are already anticipating a quarter-point cut due to ongoing weakness in the U.S. labor market and a series of dovish remarks by Fed officials over the past week.
Silver mining stocks also advanced today, Sun Silver Ltd. jumped as much as 21% and Silver Mines Ltd. nearly 13%, while China Silver Group Ltd. rose 14%.
By CEO NA Editorial Staff
