Silver surged past $40 per ounce, its highest level since September 2011, as traders bet on Fed rate cuts and weighed strong industrial demand. US data showed core PCE inflation rising 2.9% annually in July, the fastest since February, while consumer spending jumped the most in four months, signaling resilience. The figures kept September rate cut expectations intact, with Fed Governor Waller backing a 25 bps reduction and further easing in coming months. Markets still anticipate two cuts this year despite stubborn inflation. On the industrial side, silver demand was buoyed by China’s solar boom, with solar cell exports up over 70% in the first half, led by strong demand from India.