The iShares Silver Trust (SLV) surged 5.01% during intraday trading on Wednesday, tracking a sharp rally in silver prices. Spot silver rose to a record high of $66.52 per ounce, driven by tight supply, strong industrial demand, and heightened speculative interest.

The rally in precious metals was further supported by Federal Reserve officials signaling a measured approach to interest rate cuts. Fed Governor Christopher Waller emphasized the potential for gradual easing, which weakened the dollar and bolstered demand for non-yielding assets like silver. Analysts noted rotational money flows from cryptocurrencies into precious metals, with silver outperforming gold in recent sessions.

Market sentiment was also lifted by expectations of sustained inflows into silver-backed ETFs, with global holdings poised for a sixth consecutive week of gains. "Silver is pulling gold up with it," said Marex analyst Edward Meir, who projected $70 per ounce as the next short-term target for the metal.