FX.co ★ Silver Hits Fresh All-Time High

Silver surged nearly 3% to almost $99 per ounce on Friday, achieving fresh record highs as the declining dollar bolstered the rally in precious metals. Investors turned to tangible assets due to the dollar's weakness, prompted by evolving US-Europe geopolitical dynamics concerning Greenland and increasing worries about Europe's potential to leverage its significant US asset holdings. Simultaneously, the US Federal Reserve is anticipated to maintain stable interest rates in the upcoming week, buoyed by indications of a robust economy. Nevertheless, the market anticipates the possibility of two rate cuts later in the year. President Donald Trump is expected to appoint the next Federal Reserve chair following candidate interviews, with chances of selecting a more dovish successor, which would likely reinforce expectations for further monetary easing. The silver rally has also been driven by a historic short squeeze, vigorous retail demand, and China's tightening of export restrictions.