Silver extended gains after breaking above $60 an ounce for the first time on Tuesday, with momentum coming from supply tightness and bets on further monetary easing by the Federal Reserve.
The white metal rose as much as 1.3% to a record $61.4797 an ounce on Wednesday. Silver’s rapid advance in recent days has been supported by speculative money wagering the US central bank will deliver a quarter-point rate reduction at the end of its Dec. 9-10 meeting. Lower borrowing costs are typically a tailwind for non-yielding precious metals.