(Bloomberg) — Silver rose to a record, as traders laid speculative bets on continued supply tightness and lower borrowing costs in the US. Gold also gained.
The white metal rose as much as 0.8% to trade at $58.9471 an ounce, above a previous peak of $58.84 set two days earlier. Investors expect that a new Federal Reserve chair and the release this month of delayed US economic data will support US President Donald Trump’s calls for monetary easing. The recent gains in precious metals reflect the potential for cuts to gather pace after Jerome Powell’s term ends in May.
Most Read from Bloomberg
Holdings by silver-backed exchange-traded funds rose by about 200 tons on Tuesday, according to Bloomberg calculations, underscoring enduring investor interest in the metal. That brought the total holdings to the highest since 2022.
In the near term, investors are pricing in a cut at the Fed’s meeting this month. Lower rates tend to benefit gold and silver as they do not yield interest.
Silver has also been supported by a wave of speculative money betting on supply tightness. A record volume of the metal flowed into London last month, putting pressure on other hubs. Inventories in warehouses linked to the Shanghai Futures Exchange recently shrunk to the lowest in a decade.
The white metal rose 0.8% to $58.9318 an ounce as of 11:35 a.m Singapore time. Gold gained 0.4% to $4,224.31 an ounce after a two-day decline. Platinum and palladium rose. The Bloomberg Dollar Spot Index was flat.
Most Read from Bloomberg Businessweek
©2025 Bloomberg L.P.