Silver prices surged past $60 an ounce as traders factored in an imminent Fed rate cut and tightening supply conditions, reinforcing the precious metal's historical tendency to outperform gold during monetary policy easing cycles, ING commodity experts Ewa Manthey and Warren Patterson note. Fed rate cut expectations and tight supply drive silver's outperformance "Silver prices surged above $60 an ounce – a new record high – in Tuesday afternoon trading. This was driven by expectations that the Federal Reserve will cut interest rates this week and concerns over tightening supply....
Oil prices were steady on Wednesday (December 10) as investors monitored progress in Russia-Ukraine peace talks and awaited a decision on US interest rates. After a decline of about 1% in the previous session, Brent crude rose 7 cents, or 0.1%, to $62.01 a barrel at 10:39 GMT, while US West Texas Intermediate crude rose 10 cents, or 0.2%, to $58.35. Market sources citing API figures said on Tuesday that US crude inventories fell by 4.78 million barrels last week, while gasoline inventories rose by 7 million barrels and distillate inventories swelled by 1.03 million barrels. Government data...
Gold prices fell slightly on Wednesday (December 10th) as investors awaited expectations of a US Federal Reserve interest rate cut and hints about future policy, while silver extended its rally to a new high. Spot gold prices fell 0.4% to $4,193.60 per ounce at 11:13 GMT. US gold futures for February delivery fell 0.3% to $4,221.60 per ounce. Spot silver prices rose 0.7% to $61.11/ounce after hitting an all-time high of $61.61 earlier in the session, driven by rising industrial demand, declining inventories, and its designation as an essential mineral by the United States. The white metal...