The price of white metal surged on Wednesday to reach its highest price since March 2022 after data on private-sector employment showed solid growth during March, seemingly dampening the outlook for summer rate cuts and raising appetite for safe-haven assets.
The central bank Chair Jerome Powell is expected to deliver remarks in the coming hours as investors seek more clues on the future of the monetary policy after the preferred inflation gauge came in above the Fed's 2% target. The week will be wrapped up with the release of key labor market data on Friday which could further put pressure on the Federal Reserve policymakers.
Silver surged 2.53% to $26.80 per ounce at 10:02 am ET.
