Spot Silver advanced to a new 14-year high of $47.18/oz. on Monday, underpinned by a weaker US Dollar and rising expectations the Federal Reserve will continue easing its monetary policy this year.
Annual core PCE inflation has remained steady at 2.9% in August, while annual PCE inflation has accelerated to 2.7% from 2.6% in July.
Markets are now pricing in about an 89% chance of a 25 basis point Fed rate cut in October and a 66% chance of another 25 bps cut in December.
Also boosting Silver, the US Dollar Index was last down 0.21% to 97.974.
A weaker dollar makes dollar-priced Silver more appealing to international investors holding other currencies.
Additionally, robust industrial demand continued to support Silver prices amid supply constraints. Silver is facing its fifth successive year of a structural market deficit.
Last but not least, concerns of a possible US government shutdown fueled demand for precious metals.
Spot Silver was last up 1.81% on the day to trade at $46.89 per troy ounce.
Meanwhile, Silver futures for December delivery were last up 0.89% to trade at $47.070 per troy ounce.
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