Silver briefly slipped below $47 per ounce on Friday (October 3rd), but still has the potential to post a seventh consecutive weekly gain. The main driving force comes from expectations of further Fed interest rate cuts and uncertainty stemming from the US government shutdown. A string of recent US data has heightened speculation of easing, with the market almost fully pricing in a 25-bps cut this month and another in December.
From a policy perspective, the government shutdown has so far seen minimal immediate impact, but it has raised concerns about fiscal direction, inflation risks, and labor market weakness. The shutdown also triggered a "data blackout," prompting the Department of Labor to postpone the release of the September Nonfarm Payrolls (NFP) report, which was scheduled for Friday. Beyond macro factors, silver is also supported by the supply side: the Silver Institute predicts a continued global market deficit for the fifth consecutive year in 2025.
The price of silver at the time of this analysis was $47,331
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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