Silver prices are rising again and are now very close to their record high. The precious metal is trading around $58.50 per ounce, just over a dollar off its high reached the previous day. This increase occurred alongside massive inflows into silver-backed ETFs, which surged by nearly 590 tons in a week—signaling strong investor confidence that the silver rally will continue.

Expectations that the Federal Reserve will cut interest rates this week also boosted silver prices. Low interest rates typically benefit non-yielding precious metals, potentially increasing demand. The silver market is also still affected by the lingering effects of the massive short squeeze in London, which rocked global markets.

At 7:42 a.m. Singapore time, silver prices were up 0.3% to $58.4875 per ounce, approaching a record high of $59.3336. Meanwhile, gold prices were relatively stable at $4,200.25 per ounce, despite having fallen about 1% in the previous week. On the other hand, platinum showed gains and palladium moved steadily, while the Bloomberg Dollar Spot Index remained unchanged. (az)

Source: Newsmaker.id