Silver slipped to around $51 per ounce on Wednesday, but stayed close to three-week highs as signs of US labor market weakness fueled expectations for a near-term Federal Reserve rate cut.
ADP data showed US private employers shedding an average of 11,250 jobs per week in the four weeks ending October 25, painting a bleak picture amid the absence of official data. Markets now price in about a 68% chance of a 25 bps rate cut in December, up from roughly 62% a day earlier.
Earlier this week, Fed Governor Stephen Miran also called for a larger half-point reduction amid falling inflation and rising unemployment. Meanwhile, optimism grew that the record-long government shutdown could end soon, with the Republican-controlled.
Source: Trading Economi
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