Silver climbed more than 1% to above $54 per ounce on Thursday, marching toward an all-time high reached last month and bringing this week’s gains to around 12%, as investors looked to hedge against global uncertainties with precious metals. Expectations of Federal Reserve rate cuts, following signs of a weakening US labor market, further supported the metal. Supply concerns also contributed, with India’s wedding season underway and fears of potential US tariffs on silver. Last week, the US Department of Interior added silver, copper, and metallurgical coal to its “critical minerals” list, highlighting their importance to the economy and national security. This designation provides the basis for potential Section 232 investigations and trade restrictions, as previously applied to copper earlier this year.
