Silver held around $53 per ounce on Thursday, holding close to record highs hit earlier in the week as a global supply crunch fueled a historic rally. Tightness was most acute in the London market, where a short squeeze sent lease rates surging over 30% last week, driving rollover costs for short positions to unsustainable levels.
Demand from India has further strained supply, prompting several mutual fund houses to suspend inflows into their silver ETF fund-of-fund schemes. Meanwhile, dovish remarks from Fed Chair Powell, who pointed to labor market weakness, strengthened bets on more US rate cuts and boosted appetite for precious metals.
The prolonged US government shutdown, which has entered its third week, also spurred safe-haven flows. On the geopolitical front, tensions deepened after President Trump confirmed that the US is currently engaged in a sustained trade war with China, though Treasury Secretary Bessent hinted the truce could be extended beyond three months.
Source: Trading Economi
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