Silver prices rose above $31 per ounce on Friday, recovering from two consecutive days of declines, as demand for safe-haven assets increased amid rising tensions in the Russia-Ukraine conflict.
Silver prices rise amid safe-haven demand
On Thursday, Russian President Vladimir Putin warned that the situation was escalating toward a global confrontation, citing Ukraine's use of US and British-supplied weapons to strike Russia. He also mentioned that Russia had responded by launching a new hypersonic medium-range ballistic missile at a Ukrainian military facility, with the potential for more attacks.
Investors' focus shifts on Fed
Meanwhile, investors continued to assess the Federal Reserve’s monetary policy outlook, considering the latest economic data and central bank statements. Currently, markets are pricing in a 60% chance of a 25 basis point rate cut by the Fed in December, with some traders expecting a temporary pause.
