Spot Silver scaled a fresh record high of $69.44/oz. on Monday, underpinned by expectations of further policy easing by the Federal Reserve and amid ongoing supply deficit, rising industrial demand as well as robust investment demand.
The latest US macro data pointed to moderating inflation and a cooling labor market, giving the Fed more scope to lower rates.
FOMC policy makers signaled just one 25 bps rate cut for next year, while investors continue to expect two rate cuts of 25 basis points each.
Lower interest rates tend to reduce the opportunity cost of holding Silver, which pays no interest.
At the same time, silver lease rates, the cost of borrowing physical metal from bullion holders in order to meet delivery obligations, continued surging amid an ongoing supply tightness.
Robust industrial demand also continued to support Silver prices. The white metal plays a key role in solar energy, electronics and broader electrification efforts.
Spot Silver was last up 2.98% on the day to trade at $69.15 per troy ounce.
Year-to-date, the metal has surged 139%, while outperforming Gold.
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