Silver topped $60 an ounce for the first time as traders bet on further monetary easing by the Federal Reserve and continued supply tightness. Gold also climbed.

Spot silver prices rose as much as 4.1% to $60.535 an ounce, surpassing its previous peak reached just last week.

The white metal’s rapid advance in recent days was largely driven by expectations that the US central bank will deliver a quarter-point rate reduction at the conclusion of its Dec. 9-10 meeting. While traders grew cautious on how much more easing the Fed will deliver next year, a near-certain rate cut on Wednesday is helping boost prices of silver.

Traders “were definitely looking for cuts,” said Rhona O’Connell, head of market analysis at StoneX Financial Ltd. Lower rates typically benefit precious metals including

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