On Monday, the spot price of silver hit a record high of $57.86 per ounce, rising by more than 2%. This uptick marks the sixth consecutive trading session of price increases, with the metal's price increasing more than twofold since the beginning of the year. The primary drivers of this rally are a persistent supply deficit in the global market and expectations of an impending rate cut by the US Federal Reserve.
Analysts observe a growing interest among investors in silver, particularly amid a temporary pause in the rise of gold. The spot price of the yellow metal corrected by 0.1% to $4,225.91 per ounce, although December futures showed a slight increase to $4,260.20. The fundamental shortage of physical silver continues to provide key support for prices, drawing capital away from other safe-haven assets.
