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Silver price advances amid increased likelihood of further Fed rate cuts by year-end.
The CME FedWatch Tool indicates pricing in nearly a 96% chance of a 25-basis-point Fed rate cut in October.
Silver attracted buyers on safe-haven demand amid renewed US-China trade concerns.
Silver price (XAG/USD) extends its winning streak for the fourth successive session, reaching its all-time high of $51.69 during the Asian hours on Monday. The non-interest-bearing Silver receives support from the increased likelihood of the US Federal Reserve (Fed) further rate cuts by year-end.
Consumer confidence in the United States (US) deteriorated slightly in early October, supporting the Fed rate cut bets. The preliminary University of Michigan's Consumer Sentiment Index edged lower to 55.0 for October, from 55.1 in September.
The Federal Open Market Committee (FOMC) Minutes from the September meeting suggested policymakers are leaning toward further rate cuts this year. The CME FedWatch Tool suggests that markets are now pricing in nearly a 96% chance of a 25-basis-point Fed rate cut in October and an 87% possibility of another reduction in December.
Federal Reserve Bank of St. Louis President Alberto Musalem said on Friday that the labor market is showing signs of potential weakness and that a balanced approach to monetary policy only works if inflation expectations are anchored. Meanwhile, San Francisco Fed President Mary Daly said that inflation has come in much less than she had feared. Daly further stated that the US central bank is projecting additional cuts in risk management.
The safe-haven Silver attracts buyers due to renewed US-China trade concerns. US President Donald Trump said that there’s no need to meet China’s President Xi Jinping at the upcoming South Korea summit and threatened to impose 100% tariffs on Chinese imports. However, Trump posted on Truth Social on Sunday, noting that China’s economy “will be fine” and that the US wants to “help China, not hurt it.”
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