Silver notched another record high on Tuesday as the precious metal continues to attract bids amid concerns over a market deficit.Spot silver rose as much as 3.6% to a new peak of $60.46 per ounce, keeping the momentum of a record-breaking that has lasted several weeks.Click on chart for live prices.Driving the surge was an unprecedented supply crunch after a historic squeeze hit the London market in October. Bloomberg data shows that Chinese inventories are now hovering at their lowest in a decade.Also behind the move was the expectation of a US interest rate cut this week, which would be positive for safe-haven assets such as gold and, by extension, silver.The white metal “is getting a bid this morning alongside gold ahead of the Federal Reserve meeting, with the market pricing in near-certainty of a 25 basis point cut,” said Trevor Yates, a senior investment analyst at Global X ETFs.With Tuesday’s rally, which takes silver past the $60-an-ounce mark for the first time ever, the metal has now doubled in value this year, even surpassing the 60% gain seen in gold.Sponsored: Take advantage of silver’s timeless value — explore silver bullion options with Sprott Money.
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