JAKARTA – Silver prices surged again, breaking a new record above US$56 per troy ounce.
In the latest trading session, silver was priced at US$56.41 per troy ounce, driven by concerns over tightening supply and rising expectations of a Federal Reserve (Fed) interest rate cut.
According to Tradingeconomics.com data on Sunday (30/11), silver inventories in China fell to their lowest level in a decade due to large shipments to London, triggered by an increasingly tight physical market.
At the same time, China’s silver exports soared to a record high, exceeding 660 tonnes in October.
On the monetary policy side, markets now estimate around an 85% probability of a third Fed rate cut in December, with three additional cuts anticipated by the end of 2026.
Sentiment was further reinforced by reports naming US National Economic Council Director Kevin Hassett as a strong candidate for the next Fed Chair, a figure seen as aligned with President Donald Trump’s preference for low interest rates.
Since October, silver has repeatedly tested record highs. A combination of global economic uncertainty, prospects of monetary easing, and increasingly tight physical supply has sustained the upward momentum of the precious metal.
Previously, global silver prices hit their highest level in 13 years, surpassing US$36 per troy ounce on Friday (6/6), after closing at US$35.81 the day before on the Comex exchange.
This sharp rise marks a 23% increase over the past year, approaching gold’s performance which rose 46% in the same period.
The phenomenon has been driven by gold‑silver ratio trading strategies, where traders capitalise on the narrowing price gap between the two metals.
The ratio, which had held around 100 since January 2025, has now shrunk to 93.33, sparking strong interest in silver. (DK/LM)
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