Silver advances for sixth consecutive session

Silver prices advanced for a sixth consecutive session on Wednesday, breaching the $51 per ounce mark and approaching the all-time high of $53.7 set on October 17. The sustained uptrend was underpinned by growing expectations of an imminent Federal Reserve rate cut following clear signs of strain in the US labor market. A persistently weak US dollar further enhanced the appeal of dollar-denominated assets, including silver, with the dollar index lingering near 99.3 after recent declines. On the MCX, silver futures appreciated by 1.5% to Rs 157200 per kg, edging closer to the lifetime peak of Rs 170415.

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