Silver prices held steady around $38.8 per ounce on Monday, hovering near their highest levels since 2011 amid bets on US Federal Reserve policy easing. The metal rallied about 2% on Friday after Fed Chair Powell signaled that the central bank is likely to cut rates at its next meeting.
Powell noted that while unemployment remains low, risks to the labor market are increasing and policy remains "restrictive," suggesting that adjustments may be warranted. Markets are now pricing in an 87% probability of a 25 bps rate cut in September, up from about 75% at some point last week.
On the industrial side, recent data showed that China's solar cell exports surged more than 70% in the first half of the year, driven by robust photovoltaic demand from India. This followed news that China installed over 93 gigawatts of solar capacity in May, a record high and a 300% year-on-year increase, ahead of policy changes that will make it more difficult to connect new panels to the grid.
Source: Trading Economics
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