Silver prices rose above $31.10 an ounce on Monday, nearing a one-month high as investors awaited key US inflation data due later in the week, which could strengthen expectations of a Federal Reserve interest rate cut this month.
The market is now pricing in an 83% chance of a 25 basis point rate cut, up sharply from 62% a week ago.
Silver also rose alongside gold, following the resumption of bullion purchases by China's central bank after a six-month hiatus.
In addition, the market is focused on this week's Central Economic Work Conference, which will outline China's economic priorities and targets for 2025. Traders are betting that Beijing will introduce further economic support measures as China faces growing uncertainties, including the return of US President-elect Donald Trump, boosting the demand outlook for the world's top consumer of the metal.
Source: Trading Economics
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