Silver slipped below $47 per ounce on Friday but remained on track for a seventh consecutive weekly gain, supported by expectations of further US rate cuts and uncertainty from the government shutdown. Recent US data reinforced bets on more easing, with markets nearly fully pricing in a 25 basis point cut this month and another by December.
Politically, the shutdown has so far shown limited direct impact, though it heightened concerns over fiscal policy, inflation risks and labor market weakness.
It also triggered a data blackout, forcing the Labor Department to postpone Friday's September nonfarm payrolls report. Beyond macro drivers, silver found additional support from supply-side pressures, with the Silver Institute projecting a global market deficit for the fifth year in a row in 2025.
Source: Trading Economics
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