Overview
- Spot silver slipped about 1% to roughly $57.4 an ounce after setting an all-time high near $58, and gold eased from a six-week peak as traders booked gains.
- Futures imply roughly an 87–88% chance of a 25-basis-point rate cut next week, with attention turning to Jerome Powell’s remarks and upcoming US data including ADP and the delayed core PCE.
- Indian prices whipsawed, with Delhi gold down Rs 1,670 to Rs 1,31,530 per 10 grams on Tuesday after Monday’s jump to Rs 1,33,200, while silver rose to around Rs 1,81,360 per kilogram.
- Analysts point to a silver short squeeze linked to tight inventories in London and near-decade lows at Shanghai warehouses, with last week’s CME outage magnifying the move.
- A weaker dollar, sustained central-bank buying and solid domestic demand helped propel recent gains, though overbought technical readings signaled near-term risk of a pullback.