Silver surged more than 4% to above $66 per ounce on Wednesday, hitting fresh all-time highs as investors increasingly price in two interest rate cuts in early 2026. Support came from comments by Fed Governor Christopher Waller, a leading contender for the Fed chair role, who said US borrowing costs should be up to one percentage point lower.

Waller warned that job growth has slowed to near zero and called for measured rate cuts next year to help support employment. Earlier in the week, US labor data reinforced signs of a cooling job market.

The unemployment rate climbed to 4.6%, its highest level since 2021, while a larger-than-expected increase in payrolls in November failed to fully offset October's sharp slowdown.

Silver's rally this year, up nearly 130% year to date, has also been underpinned by tightening inventories and strong retail and industrial demand, particularly from the rapidly expanding solar, electric vehicle, and data center sector.

Source: Trading Economi