Silver prices surged to a new record high on Wednesday, driven by persistent supply shortages, strong demand, and growing expectations of a US interest rate cut.
Silver futures for March delivery climbed 0.2% to $58.825 an ounce.
This followed an earlier all-time high of $59.655 an ounce.
Holdings of silver exchange-traded funds (ETFs) jumped by nearly 200 tons on Tuesday, underscoring continued investor interest in the metal, according to data compiled by Bloomberg.
Markets are currently anticipating a 25-basis-point US interest rate cut at the Federal Reserve meeting on September 9-10, as they await economic data delayed due to the recent government shutdown.
