Silver holds near 14-year high

Silver traded above $47 per ounce on Thursday, holding close to 14-year highs as investors weighed political and monetary policy uncertainty in the US.

Precious metals rallied earlier this week after the government shut down for the first time in nearly seven years, spurring safe-haven demand.

The impasse, expected to last at least three days, will delay the release of key economic data including the September nonfarm payrolls report. Meanwhile, ADP reported a surprise drop of 32,000 private-sector jobs in September, compared with forecasts for a 50,000 gain, reinforcing signs of labor market weakness and boosting bets on further Federal Reserve rate cuts.

Still, Fed's Goolsbee cautioned that lingering inflation risks make him wary of easing policy too quickly.

Silver also drew support from supply concerns, with the Silver Institute projecting a global market deficit for a fifth straight year in 2025, forecasting production at 844 million ounces—roughly 100 million short of demand.