Silver Prices Climbed Toward $31 Per Ounce
Silver prices climbed toward $31 per ounce on Tuesday, reaching a one-week high as dovish comments from a Federal Reserve official spurred traders to increase bets on an interest rate cut this month. Markets are now pricing in a 75% chance that the Fed will lower rates by 25 basis points at its December meeting, up from 59% a week ago.
Silver and other precious metals also received a boost from ongoing geopolitical tensions in the Middle East, as the Israeli military targeted dozens of Hezbollah positions across Lebanon on Monday. Additionally, markets are speculating that China will announce more stimulus measures during key political meetings this month, further strengthening the demand outlook in the world’s largest metals consumer.(Cay)
Source: Trading Economi