FX.co ★ Silver Climbs to Fresh Record High

Silver experienced a surge of over 1% on Monday, climbing above $57 per ounce, a new record high driven by ongoing supply concerns and strong expectations of US interest-rate reductions. The spot price increased by up to 1.4%, reaching $57.29, surpassing the high observed on Friday. Notably, trading was interrupted that day on the Chicago Mercantile Exchange due to a data-center outage that lasted for hours. Meanwhile, inventories at warehouses linked to the Shanghai Futures Exchange have plummeted to near-decade lows. Contributing to this upward momentum is the market's full anticipation of a quarter-point rate cut in the US, spurred by signs of labor market softness and dovish indications from Federal Reserve officials. The government's recent six-week shutdown delayed economic data releases, further bolstering the argument for lower borrowing costs, and enhancing the appeal of non-yielding assets like silver.