Silver has broken above the $51 level, reaching a one-week high as upbeat sentiment builds around the likelihood of a U.S. rate cut in December. The metal’s advance follows increasingly dovish signals from Federal Reserve officials, which have shifted market expectations toward a more accommodative policy stance. Christopher Waller, a Fed governor, has openly supported a December rate reduction, while Mary Daly and John Williams have also indicated receptiveness to easing. Markets now see an 81% probability of a 25-basis-point cut, a sharp rise from 42.4% just a week earlier.

This strengthening conviction stems in part from concerns over growing risks in the labor market, highlighted by Waller as a key reason for supporting near-term policy adjustment. Williams and Daly echoed the view that economic conditions may soon justify a relaxation of monetary settings. Their collective tone has allowed silver to gain momentum, helping the metal surpass $51 per ounce for the first time in more than a week.

However, policy visibility for 2025 remains clouded due to delays in economic data releases caused by the recent government shutdown. Waller emphasized that several key indicators will heavily influence the Fed’s forward-looking assessment once the backlog clears. With uncertainty lingering, markets are preparing for important updates that will help shape interest-rate expectations heading into next year.

Investors are now closely watching the upcoming U.S. data flow, particularly jobless claims, retail sales figures, the Producer Price Index, and durable goods orders. These indicators are expected to provide critical insight into economic momentum and inflation trends, helping determine whether the Fed ultimately follows through with the December rate cut that markets are increasingly pricing in.