Silver Steady Amid Strong US Data

Silver held around $48.1 per ounce on Thursday, steadying after recent gains as investors digested stronger-than-expected US economic data.

The ADP report showed that private employers added 42,000 jobs in October, exceeding forecasts and underscoring labor market resilience, while the ISM Services PMI climbed to an eight-month high.

Signs of economic strength reinforced expectations that the Federal Reserve will move cautiously on further rate cuts, though the ongoing US government shutdown has delayed key data releases.

Markets now price in a 62% chance of a 25 bps rate cut in December, down sharply from over 90% before last week’s FOMC meeting.

Last month, silver briefly hit record highs amid a short squeeze and a liquidity crunch in London before retreating as conditions normalized and investors took profits.