The white metal climbed as much as 0.8%, reaching $58.9471 per ounce, surpassing the previous record of $58.84 set just two days earlier, News.Az reports, citing Bloomberg.
Investors are anticipating that the appointment of a new Federal Reserve chair and the upcoming release of delayed U.S. economic data will bolster U.S. President Donald Trump’s push for monetary easing.
The recent rise in precious metals suggests that interest rate cuts could accelerate after Jerome Powell’s term ends in May.
Holdings by silver-backed exchange-traded funds rose by about 200 tons on Tuesday, according to Bloomberg calculations, underscoring enduring investor interest in the metal. That brought the total holdings to the highest since 2022.
In the near term, investors are pricing in a cut at the Fed’s meeting this month. Lower rates tend to benefit gold and silver as they do not yield interest.
Silver has also been supported by a wave of speculative money betting on supply tightness. A record volume of the metal flowed into London last month, putting pressure on other hubs. Inventories in warehouses linked to the Shanghai Futures Exchange recently shrunk to the lowest in a decade.
The white metal rose 0.8% to $58.9318 an ounce as of 11:35 a.m Singapore time. Gold gained 0.4% to $4,224.31 an ounce after a two-day decline. Platinum and palladium rose. The Bloomberg Dollar Spot Index was flat.
