Silver touched an all-time high at $60.01 an ounce.(Image: Unsplash) Show Quick Read Summary is AI Generated. Newsroom Reviewed

US spot silver prices grew over 3% on Tuesday to touch a new record-high as bets on a rate cut by the Federal Reserve grew stronger.

The white metal touched an all-time high of $60.01 an ounce, up 3.19% from the previous day's close.

US spot gold also edged higher, trading above the $4,200-mark. At 9:06 pm IST, it was trading 0.4% higher at $4,207.32 an ounce.

The upward movement in the precious metal prices comes on a day when the Federal Open Market Committee began its two-day meeting. At 2:30 pm EST on Wednesday (12:30 am IST on Thursday), the Fed would announce its rate decision.

Gold and silver prices were expected to edge higher with the likelihood

See Full Page