Silver held around $58 per ounce on Monday, hovering near record highs as investors prepared for an expected interest rate cut from the US Federal Reserve this week. However, the outlook for 2026 remains uncertain, with analysts expecting a “hawkish cut” in which Chair Jerome Powell could signal a cautious approach to further easing. Markets also await policy decisions from central banks in Australia, Canada and Switzerland, although they are all expected to keep rates steady. Silver surged to all-time highs last week, supported by low visible exchange inventories, renewed ETF accumulation, and expectations of another market deficit this year, highlighting tightening physical conditions. Strong industrial demand from solar and other green technologies further underpins the medium-term case for higher prices.
