Silver traded above $42 per ounce on Monday, staying close to 14-year highs as investors braced for an expected US Federal Reserve interest rate cut this week. Markets are pricing in about a 96% chance of a 25 basis point cut on Wednesday and roughly a 4% probability of a larger half-point move, following US data that signaled a cooling labor market and subdued inflation.
Central banks in Canada and China are also expected to ease policy this week, while counterparts in Japan and the UK are likely to stand pat. On the geopolitical front, US and Chinese officials began talks in Madrid on Sunday covering national security, trade and economic issues.
Industrial demand from solar, electric vehicles and electronics has also kept the physical silver market tight, with supply constraints continuing to underpin prices.
Source: Trading Economics
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