Silver price surpasses $66 for first time

Ben Graham · 1 hora atrás

Silver prices surged past $66 an ounce for the first time on Wednesday as hopes of further US interest rate cuts were renewed following signs of a weakening labor market.

Spot silver surged as much as 4% to a new all-time high of $66.50 per ounce, before paring some gains. The precious metal has now risen by a quarter of the past month, propelled by concerns over its supply and expectations of lower US interest rates.

Gold, which has also been rising but at a slower pace than silver, edged higher as well. up 0.6% to approximately $4,330 per ounce. Earlier, it had hit $4,350 an ounce, about $30 shy of the record high set in October.

“Silver is pulling gold up with it,” said Marex analyst Edward Meir, who sees $70 as the next short-term target for silver.

Fresh US economic data this week showed a softening labor market, marked by a rise in the unemployment rate to 4.6% — the highest level since September 2021. This raised the likelihood of more rate cuts in 2026, which would bode well for non-yielding assets like gold and silver.

Last week, the US Federal Reserve delivered its third and final rate cut of the year, and investors are now pricing in two more cuts in 2026.

“Markets continue to see the Federal Reserve cutting its interest rates two times during the first part of 2026, which could continue to support gold over that period,” Bas Kooijman, CEO and asset manager of DHF Capital, told Reuters.

Meanwhile, an escalation in US-Venezuela tensions, with US President Donald Trump ordering a blockade of all sanctioned oil tankers entering and leaving the South American nation, added to the safe-haven demand.

For the year, safe-haven metals have all performed, with gold rising by two-thirds — tracking towards its best year since 1979 — while silver has doubled.

(With files from Reuters)

Sponsored: Take advantage of silver’s timeless value — explore silver bullion options with Sprott Money.