Silver held steady near a record high on Thursday, hovering around $58.50 per troy ounce, just under a dollar shy of its all-time high of $58.97 reached the previous day. The metal has risen for eight consecutive days, supported by speculation about tight supplies and hopes for lower US interest rates, which typically benefit precious metals as they are interest-free.

Silver's gains strengthened after ADP employment data showed US companies cut their workforce in November by the largest amount since early 2023. This data added to concerns about a weakening labor market and reinforced the belief that the Federal Reserve will almost certainly cut interest rates by 25 basis points at its December 9-10 meeting. At the same time, the US dollar index also fell by about 0.4%, making silver and other precious metals cheaper for overseas buyers.

Meanwhile, gold only edged up 0.1% to $4,206.89 per troy ounce, indicating a more subdued movement than silver. Among other precious metals, palladium strengthened, while platinum weakened slightly. Overall, the combination of a weakening dollar, expectations of interest rate cuts, and supply concerns have made silver one of the main stars in the commodity market. (asd)

Source: Newsmaker.id