Silver Nears Record Highs as ETF Investments Propel Rally

Bloomberg -- Silver showed some fluctuation after gaining over 2% in the previous session, following its strongest week of inflows into ETFs backed by the metal since July. Gold also saw a slight increase. On Monday, silver prices dipped towards $58 per ounce, having previously approached a record high within just a dollar's reach. Last week, total holdings in silver-backed ETFs surged by nearly 590 tons, reflecting investors’ strong belief that the rally has room to grow despite fears of overheating. Silver's recent escalation – peaking at $59.3336 last Friday – has been fueled by heightened expectations the Federal Reserve will cut interest rates this week, beneficial for non-yielding precious metals. The market is still grappling with the aftermath of a historical short squeeze in London.