Silver prices hit a new record high of $98.50 an ounce as investors reassessed the strength of US economic growth and signs that inflationary pressures remained under control.
This came at a time when the upward revision of US GDP growth estimates for the third quarter to 4.4 percent reinforced the view that the economy remains strong, reducing the need for near-term monetary easing. However, recent inflation data indicated a continued gradual slowdown without a return to excessive price increases, which helped stabilize expectations for future monetary policy.