Silver rose above $51 per ounce on Tuesday, hitting an over one-week high as dovish comments from Federal Reserve officials strengthened expectations for a near-term interest rate cut. Fed Governor Christopher Waller expressed support for a December reduction, citing rising labor market risks and echoing remarks from San Francisco Fed President Mary Daly and New York Fed President John Williams. Waller also noted that policy moves next year would depend heavily on a backlog of delayed data caused by the government shutdown. Markets now price in an 81% chance of a 25 basis point cut next month, up sharply from 42.4% a week ago. Investors are also eyeing key US economic releases this week, including retail sales, the producer price index, durable goods orders and weekly jobless claims, for further guidance on the outlook.
