Silver prices held steady above $31 an ounce on Friday, near a one-month high as traders bet the U.S. Federal Reserve will cut interest rates again this month.
The probability of a 25 basis point rate cut in December jumped to about 72%, up from 66% last week.
The expectations grew even after Fed Chair Jerome Powell signaled that the central bank was in no rush to cut rates, citing strong growth, a robust labor market and persistent inflation pressures.
Additionally, speculation is growing that China could announce more stimulus measures during a key political meeting this month, which could further boost demand in the world's largest consumer of the metal.
Silver, along with other precious metals, has also benefited from rising safe-haven demand amid political turmoil in France and South Korea, as well as ongoing conflicts in Eastern Europe and the Middle East.
Source: Trading Economics
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