Spot Silver held ground near a 14-year peak of $41.66/oz. on Wednesday, supported by expectations of a Federal Reserve interest rate cut this month.
Markets are now pricing in about a 92% chance of a 25 basis point Fed rate cut in September and an 8% chance of a super-sized 50 basis point cut.
Lower interest rates tend to reduce the opportunity cost of holding Silver, which pays no interest.
The US producer price inflation figures, due later in the day, and US CPI inflation data on Thursday are now on investors’ radar for more clues over the Federal Reserve’s monetary easing path.
US employers likely added 911,000 fewer jobs in the 12 months through March than previously estimated, government data showed on Tuesday. It indicated job growth was already stalling before the imposition of US tariffs.
Additionally, robust industrial demand continued to support Silver prices amid supply constraints.
Spot Silver was last up 0.61% on the day to trade at $41.13 per troy ounce.
Meanwhile, Silver futures for December delivery were last up 0.92% to trade at $41.720 per troy ounce.
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