Phillip Streible, Chief Market Strategist at Blue Line Futures, added, “The main theme remains the flow of money into silver ETFs, including some retail investor speculation.”
Macroeconomic data further fueled expectations for interest rate cuts, with the U.S. Consumer Price Index (CPI) rising 2.7% year-on-year in November, lower than economists’ expectations of 3.1%.
On the other hand, the U.S. Department of Labor reported earlier this week that the unemployment rate increased to 4.6% in November, the highest level since September 2021.
Streible added, “We’ve seen both inflation data ease and weaker labor market reports, reinforcing the idea that the Fed should continue easing monetary policy. This is one of the key drivers. The other is the great uncertainty about how the central bank will proceed.”
According to data from LSEG, traders continue to bet that the Fed will cut interest rates at least twice, by 0.25% each, in 2026.
Platinum prices rose 3.1% to $1,975.51, after reaching a 17-year high on Thursday, while palladium gained 0.8% to $1,709.75, after hitting a nearly three-year high during intra-day trading. Both metals also closed the week in positive territory.
