Silver Extends Gains Above $60 on Rate-Cut Hopes, Tight Supply
Summarize this article with:
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000A selection of one kilogram silver bars at a bullion dealer in Budapest, Hungary.Silver extended gains after breaking above $60 an ounce for the first time on Tuesday, with traders betting on further monetary easing by the Federal Reserve and continued supply tightness.The white metal rose to a record $60.9213 an ounce on Wednesday, building on a 4.3% increase in the previous session. Silver’s rapid advance in recent days has been supported by expectations the US central bank will deliver a quarter-point rate reduction at the end of its Dec. 9-10 meeting. Lower borrowing costs are a tailwind for non-yielding precious metals.