Silver Prices Held Steady Above $31 Per Ounce On Thursday
Silver prices held steady above $31 per ounce on Thursday, nearing one-month highs as traders piled on bets that the US Federal Reserve will cut interest rates again this month. The probability of a 25 basis point rate cut in December surged to around 79%, up from 66.5% last week. These expectations grew after data showed that US services sector growth slowed more than anticipated in November, even as Fed Chair Jerome Powell signaled that the central bank is in no rush to lower rates, citing strong growth, a robust labor market, and persistent inflationary pressures.
Additionally, speculation is rising that China could announce more stimulus measures during key political meetings this month, which could further boost demand in the world’s largest consumer of metals. Silver, along with other precious metals, also benefited from increased safe-haven demand amid political turmoil in France and South Korea, as well as ongoing conflicts in Eastern Europe and the Middle East.(Cay)
Source: Trading Economi