Silver set to gain nearly 20% monthly gain

Silver traded around $47 per ounce on Tuesday and was set to advance almost 20% in September as safe-haven demand strengthened amid the risk of a US government shutdown.

The standoff comes as President Donald Trump has made little progress in reaching a temporary spending deal with opponents, heightening market uncertainty.

The US Labor Department also warned it would suspend economic data releases, including this week’s key monthly jobs report, if a partial shutdown occurs.

At the same time, markets are betting on another quarter-point Federal Reserve rate cut in October and roughly 42 basis points of easing by year-end.

On the supply side, structural deficits added support, with the Silver Institute projecting a fifth consecutive annual shortfall in 2025 as demand outpaces supply by more than 100 Moz, further depleting inventories.