Silver Price Reaches 10-Year High
Silver Soars to Highest Since 2012 on Expectations of Fed Rate Cuts
Silver soared to its highest since 2012 and gold set a new record on expectations of further rate cuts by the Federal Reserve, fueling a rally in precious metals, Bloomberg reports.
Silver rose 2.8% to $32.71 an ounce on Thursday, extending its year-to-date gains to 37%. The rally was also helped by expectations of increased industrial demand from China as part of its economic stimulus, as well as signs of rising inflows into silver-backed exchange-traded funds, the publication writes.
Precious metals traders will analyze a pre-recorded speech by Federal Reserve Chairman Jerome Powell, scheduled to be shown later Thursday at the U.S. Treasury’s 10th annual securities conference. Several Fed members have already expressed openness to further, potentially significant, interest rate cuts, the agency noted.