Silver soars to three-week high
Silver surged 3% to $50 per ounce on Monday, reaching its highest level since October 20, amid mounting expectations of a Federal Reserve rate cut in December following a batch of weak US economic data.
US consumer sentiment tumbled in November to its second-lowest level on record amid growing concerns over the prolonged government shutdown, the longest in US history.
At the same time, the economy shed jobs in October due to losses in the government and retail sectors, while layoffs climbed to a 20-year high.
Markets are now pricing in nearly a 70% chance of a December rate cut. Meanwhile, the US Senate advanced the first stage of a bill to end the shutdown, narrowly achieving the required 60 votes.
Eight Democratic senators crossed party lines to support the measure, which includes funding for the Departments of Agriculture, Veterans Affairs, Congress, and several other agencies.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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