FX.co ★ Silver Extends Gains

Silver surged past $49 per ounce on Monday, marking a three-week high, driven by burgeoning apprehensions regarding the U.S. economy. This uptick was bolstered by a weaker dollar, rendering dollar-denominated commodities more affordable for international purchasers. The University of Michigan’s consumer sentiment index dropped to 50.3 in November—its second-lowest figure on record and below the anticipated 53.2—as Americans grew increasingly concerned about the economic impact stemming from the most prolonged government shutdown in U.S. history. Private data released on Thursday highlighted a loss of 153,000 jobs in the U.S. during October, the highest for any October in 22 years, primarily attributed to cost-cutting measures and the adoption of AI technology. In terms of monetary policy, there remains division in the markets regarding whether the Federal Reserve will proceed with a rate cut in December; traders currently assign approximately a 67% likelihood of a quarter-point reduction, consistent with last Friday's projections.