Spot silver climbed more than 4% to $60.52 per ounce, a record high.“People expect there to be strong industrial demand for silver in the coming years, and that is why silver prices have been bid up,” said Fawad Razaqzada, market analyst at City Index and FOREX.com, adding that buying momentum is strong at the moment.
Silver prices were supported by persistently low inventories and shrinking global inventories, expectations that the US Federal Reserve would cut interest rates, and by the recent addition of silver to the US list of critical minerals.
“The move in gold right now is attributed to the big spike in silver and high expectations of another quarter-point decline,” said Bob Haberkorn, senior market strategist at RJO Futures.
The Fed’s two-day policy meeting begins today and ends with a decision on Wednesday. The U.S. Department of Labor’s JOLTS report shows that job openings rose by 12,000 in October to 7.67 million, beating the forecast of 7.15 million. This points to a strong labor market that could weigh on expectations for interest rate cuts.
Traders now see an 87.4% chance of a 25 basis point cut this week, down 2% from the latest jobs report.
Gold has brushed aside the jobs report, Haberkorn said, adding: “We could see silver trading above $70 an ounce in the first half of 2026, and gold is headed towards $5,000 an ounce.”
Sectors such as solar energy, electric vehicles and their infrastructure, and data centers and artificial intelligence will increase industrial demand until 2030, the industry association Silver Institute said in a study on Tuesday.
“Metals are inherently volatile, but unless we fix the shortage, there is only one way for silver to go, and that is up,” said Maria Smirnova, senior portfolio manager and chief investment officer at Sprott Asset Management.
Platinum rose 2.8% to $1,688.30/oz, while palladium rose 2.6% to $1,503.43/oz.
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