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- Silver price gained as safe-haven demand improves on US data release uncertainty.
- Kevin Hassett cautioned that some October data may “never materialize,” as it couldn’t be collected during the shutdown.
- The non-yielding Silver may struggle as cautious Fedspeak decreased the Fed rate cut bets for December.
Silver price (XAG/USD) retraces its recent losses from the previous session, trading around $52.70 per troy ounce during the Asian hours on Friday. The attracts buyers
Safe-haven demand for precious metals, including Silver, is rising amid uncertainty over the US economic outlook, fueled by a backlog of official data after the government’s reopening. Early private-sector readings for October point to a cooling labor market, softer consumer confidence, and lingering inflation concerns.
National Economic Council Director Kevin Hassett cautioned that some October data may “never materialize,” as several agencies were unable to gather information during the shutdown. US President Donald Trump signed the government funding bill on Thursday to end the record 43-day government shutdown in US history.
The upside of the non-interest-bearing Silver could be limited as cautious remarks from Federal Reserve (Fed) officials decreased the odds of a Federal Reserve (Fed) rate cut in December. The higher interest rates push the yields higher on newly issued bonds to attract investors who are looking to earn better returns. The CME FedWatch Tool shows markets pricing in nearly a 50% chance of a 25-basis-point Fed rate cut in December, down from 69% a week ago.
Federal Reserve Bank of St. Louis President Alberto Musalem highlighted the need for caution on Thursday, noting there is limited room to ease without risking overly accommodative policy. Meanwhile, Minneapolis Fed President Neel Kashkari added that inflation remains too high at 3%.
Supply risks also supported Silver’s gains, amid concerns over possible US tariffs on the metal. Last week, the US Department of the Interior added Silver, Copper, and metallurgical Coal to its “critical minerals” list, underscoring their economic and national security importance. This classification opens the door for potential Section 232 investigations and trade measures, similar to those previously imposed on Copper.
