Silver soared to $39 per ounce, approaching the 14-year high of $39.5 touched in the end of July amid the outlook of rate cuts by the Fed, while markets assessed the demand for silver's industrial uses.
The Fed sees a shift in the balance of risks of a weaker labor market against inflation following the revision to payrolls and higher unemployment, likely warranting an adjustment to monetary policy that will translate to a 25bps rate cut in the upcoming September decision.
Additionally, traders moved to place more bets of three total rate cuts this year, supporting non-yielding precious metals. On the industrial front, new data showed that solar cell exports from China grew over 70% in the first half of the year, supported by stronger photovoltaic demand form India.
This was after China installed over 93 gigawatts capacity of solar panels in May, a 300% surge annually to a fresh record high before a new set of policy changes would make it more difficult to attach panels to grids.
Source: Trading economi
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