Silver prices have hit a new record after surpassing $57 per ounce, fueled by tightening global supply and expectations of a US interest rate cut this month. Market participants are now almost entirely expecting the Fed to cut interest rates by 0.25 points, amid the weakening US labor market and dovish comments from central bank officials.

Meanwhile, supply concerns are becoming more apparent. Although silver flows to London have reached record levels, easing pressure somewhat, the cost of borrowing silver for one-month terms remains high. The situation is further exacerbated by low silver stocks in warehouses connected to the Shanghai Futures Exchange, which are now at their lowest point in nearly ten years.

Meanwhile, gold fell slightly by 0.4% to $4,222.87 per ounce, while silver continued to strengthen, rising 0.8% to $56.9180 per ounce. Other commodities such as palladium and platinum also rose, adding to the positive sentiment in the precious metals market. (az)

Source: Newsmaker.id