Spot Silver registered a fresh 14-year high of $40.98/oz. on Wednesday, underpinned by rising expectations of a Federal Reserve interest rate cut this month and a heightened safe-haven appeal.
Markets are now pricing in about a 92% 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.
Lower interest rates tend to reduce the opportunity cost of holding Silver, which pays no interest.
Market uncertainty intensified, lending further support to precious metals, after the Trump administration said it would ask the Supreme Court for an expedited ruling on tariffs, which a US appeals court found illegal at the end of last month.
Also, geopolitical concerns heightened after President Xi Jinping warned the world faced a choice of “peace or war” and “dialogue or confrontation” at a military parade.
And, US President Donald Trump said in a social media post that China was conspiring against the United States.
Spot Silver was last down 0.13% on the day to trade at $40.83 per troy ounce.
Meanwhile, Silver futures for December delivery were last up 0.09% to trade at $41.628 per troy ounce.
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