Silver (XAG/USD) extends gains to around $48.40 per ounce in Friday’s Asian session, supported by renewed expectations of a Federal Reserve rate cut in December. Softer US Challenger Job Cuts data, showing over 153,000 layoffs in October — the highest for that month in more than two decades — reinforced concerns about the US labor market and boosted demand for the non-yielding metal.

According to the CME FedWatch Tool, markets now price in a 67% chance of a 25-basis-point cut in December, up from 62% a day earlier. Despite Fed’s Musalem warning that inflation risks remain to the upside, traders appear increasingly confident that policy easing is on the horizon.

Meanwhile, safe-haven demand for precious metals remains firm as the US government shutdown drags on, limiting the release of key economic data and fueling market uncertainty.

Overall, Silver continues to benefit from rising rate-cut expectations and a flight to safety, keeping XAG/USD well supported near the $48.50 mark.