Quick overview

---

Silver reached an all-time high following the US Federal Reserve’s anticipated third consecutive interest rate cut and its continued prediction of just one cut in 2026.

Bullion rose as much as 0.7 percent, while Treasury yields and the dollar continued to decline following this year’s last policymaker meeting. The Federal Open Market Committee lowered the benchmark federal funds rate by a quarter point to a range of 3.5 percent to 3.75 percent, voting 9 to 3 on Wednesday.

They also subtly changed the statement to suggest greater uncertainty about when rate cuts might happen again. After the meeting, Chair Jerome Powell told reporters that the Fed had done enough to protect jobs while maintaining high interest rates to keep inflation in check.

Markets had already priced in a quarter-point cut for June, but traders still bet on two additional cuts in 2026. The central bank’s forecast remained unchanged, expecting a quarter-point reduction throughout 2026.

Positive sentiment in the gold market pushed silver to a record high of $61.8671 per ounce. The white metal’s price has more than doubled this year, outpacing gold’s 59 percent increase. Its rally has gained speed since a historic supply squeeze in October.

Borrowing rates are still high, indicating ongoing tightness, even though the shortage has eased as more metal enters London vaults. With Chinese inventories at ten-year lows, other markets are currently facing supply constraints.