Silver climbs on dovish Fed bets

Silver rose toward $52 per ounce on Wednesday, hitting a near two-week high as soft US economic data reinforced expectations for a Federal Reserve rate cut in December.

US retail sales rose less than expected in September, while consumer confidence tumbled in November, signaling cooling consumer spending after months of strong demand.

Labor market signals also weakened, with ADP reporting that private employers shed an average of 13,500 jobs per week in the four weeks through November 8, a notable deterioration from earlier periods.

Markets are now pricing in roughly an 84% chance of a 25 bps Fed cut next month, up from 50% a week ago.

Reports also indicated that White House National Economic Council Director Kevin Hassett, who has previously argued that rates should be lower than current levels, is being considered the frontrunner for the next Fed chair.