Silver prices held its recent advance to around $31 per ounce on Wednesday, hovering at an over one-week high as markets anticipate that the US Federal Reserve will cut interest rates again at its December meeting.
Currently, markets are pricing in a 75% probability of a 25 basis point rate cut this month. Investors are now focused on upcoming US jobs data and remarks from Fed Chair Jerome Powell later this week for more clarity on the Fed's monetary policy path.
Silver and other precious metals also benefited from increased safe-haven demand following South Korea's failed martial law declaration and ongoing violence in the Middle East. Additionally, speculation is mounting that China could announce more stimulus measures during key political meetings this month, which could further boost demand in the world's largest consumer of metals.
Source: Trading Economics
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