Silver surged above $92 per ounce on Wednesday, extending its rally to fresh highs as markets weighed easing inflation signals against persistent macro and political risks. Recent US data showed producer prices largely avoiding an upside surprise and aligning with a cooler CPI print earlier in the week, reinforcing expectations that the Federal Reserve will begin cutting rates later this year. At the same time, strong retail sales highlighted resilient US consumption. Haven demand remained elevated amid ongoing geopolitical tensions, concerns over rising fiscal debt, and renewed questions about the Fed’s independence following a criminal probe linked to Chair Powell’s June testimony. Beyond the macro backdrop, silver continues to benefit from structurally tight supply, with the market in a multi-year deficit and liquidity constrained in London, while steady industrial demand linked to clean energy technologies and artificial intelligence has reinforced the metal’s upward momentum.
