Silver Price Surpasses $60 Per Ounce Ahead of US Federal Reserve Rate Cut
Silver price hit a record, surpassing $60 per ounce on the spot market for the first time, ahead of a widely anticipated US Federal Reserve rate cut. The US Federal Reserve is expected to reduce its main interest rate by a quarter-point, which is boosting demand for silver as a store of value when rates fall and the dollar weakens.
Gold also rose to record highs, with investor demand for safe-haven assets contributing to its gains toward $4,000 an ounce. Industrial demand from the technology sector, including electric vehicles and solar panels, combined with supply constraints from reduced investment and mine closures, has pushed silver prices higher.
Silver has more than doubled this year, outpacing other precious metals as prices rise. Analysts indicate the rally in silver may spill over from gold as investors seek cheaper alternatives while viewing silver both as an investment asset and a physical resource. Manufacturers are scrambling to secure silver supplies to avoid production disruptions, reinforcing the price rally and suggesting prices may remain high in the coming months.
