Singapore, December 1, 2025 – Silver surged to a record high on Monday, building on a nearly 6% gain in the previous session, as a trading outage added to ongoing supply constraints and expectations for a US interest-rate cut boosted investor demand for precious metals.

The metal rose as much as 1.4% to $57.29 an ounce in the spot market, surpassing the peak hit on Friday when a data-center fault disrupted trading on the Chicago Mercantile Exchange. With Comex futures and options affected, some traders resorted to calling brokers and dealers by phone to hedge positions.

Silver has nearly doubled in value this year and marked its sixth consecutive day of gains. Analysts say the recent surge reflects renewed concerns over tight global supply. Although large volumes of metal were shipped to London to ease a historic squeeze, the cost of borrowing silver over one month remains elevated, while Shanghai Futures Exchange inventories recently fell to their lowest level in nearly a decade.

Market expectations of a 25-basis-point rate cut in the US this month are also supporting silver, as continued weakness in the American labor market and dovish comments from Federal Reserve officials signal lower borrowing costs. The delayed release of economic data due to the six-week government shutdown further reinforced the case for a rate reduction, which typically benefits non-yielding metals like silver.

Silver-related miners advanced in Asia and Australia on Monday, with Sun Silver Ltd. up 19% and Silver Mines Ltd. rising 12%. Copper also touched a record high on Friday.

As of 8:38 a.m. Singapore time, silver was trading at $57.2234 an ounce, while gold dipped 0.3% to $4,228.41. The Bloomberg Dollar Spot Index ended Friday 0.1% lower, and palladium and platinum posted gains.