Silver rose by almost 1% to around $48.5 per ounce on Friday, extending recent gains as weak US data strengthened demand for safe heaven assets and expectations for Federal Reserve rate cuts. The University of Michigan’s consumer sentiment dropped to 50.3 in November, the second-lowest reading on record and below the expected 53.2, as Americans became increasingly worried about the potential economic impact of the longest government shutdown in US history. Also, on Thursday, private data showed the US economy shed 153K jobs in October, the highest for that month in 22 years, largely linked to cost-cutting and AI integration. As a result, markets increased bets on a December Fed cut, pricing in about a 70% chance of a 25 bps reduction, up from 62% a day earlier. Meanwhile, broad risk-off sentiment, fueled by sharp losses in US tech stocks amid concerns over inflated AI valuations, added further support.