Silver (XAG/USD) prices extended its gains for the third straight session, trading around $32.00 during Asian hours on Wednesday. The demand outlook for precious metals, including Silver, in the world's largest raw material consumer has improved following news of potential economic stimulus from China.
The Politburo announced plans to adopt a "moderately loose" monetary policy and a "more proactive" approach to fiscal stimulus next year, marking a shift from the more cautious tone of the past decade.
Silver prices are getting support from the increasing odds of the US Federal Reserve (Fed) cutting interest rates again in December. The market is now pricing in a nearly 85.8% chance of a 25 basis point Fed rate cut, according to the CME FedWatch Tool.
However, Silver's gains could be tempered by a stronger US Dollar (USD), which makes dollar-denominated Silver less affordable for buyers with foreign currencies, reducing its demand.
Source: FXStreet
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