06.11.202504:06:57UTC+00Silver Steady Amid Strong US Data

Silver prices remained around $48.1 per ounce on Thursday, stabilizing after recent gains as investors assessed better-than-anticipated US economic figures. The ADP report revealed that private sector employers added 42,000 jobs in October, surpassing expectations and highlighting the labor market's robustness. Additionally, the ISM Services PMI reached its highest point in eight months. These indicators of economic vigor have reinforced the anticipation that the Federal Reserve will proceed cautiously with further rate cuts. However, the ongoing US government shutdown has postponed the release of crucial economic data. Presently, the market is pricing a 62% probability of a 25-basis-point rate cut in December, significantly down from over 90% before the previous week's Federal Open Market Committee (FOMC) meeting. Last month, silver briefly soared to record levels due to a short squeeze and liquidity crunch in London but subsequently retreated as conditions stabilized and investors opted to take profits.