Silver rose above $78 per ounce on Tuesday, marking a third consecutive session of gains and moving toward record levels. The US attack on Venezuela and the capture of President Nicolas Maduro added a new layer of geopolitical risk, supporting demand for safe-haven metals. Reports also indicated that President Donald Trump threatened a second military action if Venezuela’s interim president, Delcy Rodriguez, did not comply with US demands. Investors further digested weaker-than-expected US manufacturing data and dovish comments from a key Federal Reserve official regarding labor market risks, while awaiting a series of US jobs reports this week. Despite this, markets currently price in over an 80% probability that the Fed will hold rates later this month. Silver’s rally is further underpinned by supply concerns and strong demand from both industrial use and investment flows.
