Spot Silver scaled a new 14-year peak of $40.76 on Monday, supported by increased investor expectations of an interest rate cut by the Federal Reserve this month.
US consumer spending has grown markedly in July, data showed, and underlying inflation has picked up, since tariffs on imports lifted prices of some goods.
Still, these data prints will likely not prevent the US central bank from easing policy later in September.
Last week, Fed Governor Christopher Waller flagged support for resuming rate cuts in September. Waller also said he fully expected further cuts to bring policy closer to neutral.
Markets are now pricing in about an 87% chance of a 25 basis point rate cut in September.
This week’s US Non-Farm Payrolls report could provide more clues on the size of the expected rate cut by the Fed.
Additionally, robust industrial demand continued to support Silver prices. The latest data showed that China’s solar cell exports had risen over 70% in the first half of 2025, underpinned by strong demand from India.
Spot Silver was last up 2.34% on the day to trade at $40.68 per troy ounce.
Meanwhile, Silver futures for December delivery were last up 2.34% to trade at $41.678 per troy ounce.
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