FX.co ★ Silver Approaches All-Time Highs

Silver surged over 1% to exceed $54 per ounce on Thursday, edging closer to last month's record high and boosting its gains for this week to approximately 12%. This rise is attributed to investors seeking precious metals as a safeguard against global uncertainties. Additionally, the prospect of Federal Reserve rate cuts, driven by indicators of a weakening U.S. labor market, further bolstered silver's appeal. Concerns over supply also played a role, influenced by India's wedding season demand and apprehension about potential U.S. tariffs on silver. Recently, the U.S. Department of the Interior included silver, along with copper and metallurgical coal, on its list of "critical minerals," underscoring their significance to the economy and national security. This designation paves the way for possible Section 232 investigations and trade measures, similar to those implemented for copper earlier this year.