Silver Remains Above $47.5
Silver traded above $47.5 per ounce on Wednesday, snapping a three-day losing streak as global risk-off sentiment spurred demand for safe-haven assets. However, gains were capped by a stronger US dollar and limited upside momentum.
Global equities and other risk assets fell sharply amid concerns over stretched valuations and uncertainty about future US rate cuts. Meanwhile, ADP data showed private employers added 42,000 jobs in October, beating forecasts and signaling continued labor market resilience.
The stronger data reinforced the view that the Fed is in no rush to cut rates further, as inflation remains above target and the government shutdown delays key labor releases. Last month, silver briefly hit record highs amid a short squeeze and liquidity crunch in London, before retreating on profit-taking.
Source : Tradingeconomics.com