Silver edged down to $65.4 per ounce, after a 5% surge to a new all-time high of $66.94 in the previous session, as investors reacted to softer-than-expected US inflation data. Core CPI rose at the slowest YoY pace since early 2021, reinforcing expectations that the Federal Reserve could continue cutting interest rates next year. Markets are pricing about a 25% chance of a cut in January and are almost fully expecting one by April. Meanwhile, geopolitical risks remained in focus, as the US moved to halt sanctioned Venezuelan oil shipments following last week’s tanker seizure and military deployment, while Russian President Vladimir Putin reaffirmed firm territorial demands in Ukraine despite intensified US diplomatic efforts. Silver has surged about 130% this year, its strongest annual gain since 1979, driven by a supply squeeze. Market deficits are expected to persist in 2026, fueled by rebounding industrial demand, ongoing strength in solar applications, and modest supply growth.