Silver Rallies to 3-Week High

Silver surged more than 5% to around $51 per ounce so far this week, supported by expectations of a near-term Federal Reserve rate cut amid signs of US economic weakness.

US data last week pointed job losses in October, particularly in government and retail sectors, while consumer sentiment fell to a 3½-year low in early November.

Traders are pricing in roughly a 64% chance of a 25-basis-point Fed cut in December, with Fed Governor Stephen Miran advocating a larger half-point reduction amid falling inflation and rising unemployment.

Meanwhile, the US Senate passed a bill to reopen the federal government after a 40-day shutdown, potentially reducing safe-haven demand for precious metals.

However, the bill still has to clear the US House of Representatives before being sent to President Donald Trump.