Silver climbed above $77.20 per ounce, extending its advance as investors digested the January FOMC minutes and continued to price in interest rate cuts later this year. The minutes highlighted divisions within the Federal Reserve: several officials signaled that rate reductions would be appropriate if the disinflation trend persists, while others favored keeping policy restrictive for longer and even raised the prospect of additional tightening should inflation remain stubborn.
Although the Fed left its benchmark rate unchanged at 3.5%–3.75%, the mixed messaging reinforced a data-dependent outlook that still allows for potential easing. This policy uncertainty lent support to non-yielding assets such as silver, even as higher Treasury yields and improved risk appetite in broader markets capped further gains.
