Silver Surges: Global Uncertainty & Fed Rate Cut Hopes Drive Prices Up on Jan 8

• Silver prices rose on January 8, with international spot price at $78.27/ounce (0.10% up) and domestic 999 purity silver at ₹2,51,146/kg (0.22% up).
• Weekly gains for silver reached approximately 7.69%, reflecting strong investor sentiment and market volatility, with prices touching ₹2,59,692/kg on Jan 7.
• The surge is attributed to increased safe-haven demand amidst global uncertainty, specifically citing developments related to the US and Venezuela.
• Expectations of Federal Reserve interest rate cuts are growing due to weaker-than-expected US manufacturing data in December and concerns about rising unemployment.
• Major Indian cities like Mumbai, Delhi, and Kolkata saw silver prices around ₹2,54,100 per kilogram, with minor variations due to local factors.

Why It Matters: Global uncertainty and Fed rate cut hopes are fueling a significant rise in silver prices.