Silver Price Today, October 15: The price of silver surged over 3% on Wednesday, reaching $53.06 per ounce, after US Federal Reserve Chair Jerome Powell signaled that the American economy’s outlook remains consistent with the Fed’s September projections — a hint that another interest rate cut could be on the horizon.
At 5:02 am ET, silver futures were up 3.01%, leading the precious metals rally. Gold followed with a 1.63% rise to $4,210.36 per ounce, while platinum gained 0.94% to $1,667.80 per ounce. Palladium also surged 2.39%, trading at $1,543.40 per ounce.
The renewed optimism in precious metals markets comes as investors increasingly bet on softer monetary policy from the Fed, which tends to weaken the dollar and boost demand for non-yielding assets such as gold and silver.
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