Spot Silver scaled a one-week peak of $29.159 per troy ounce on Thursday, after Federal Reserve Chair Jerome Powell said a rate cut in September could be on the table if the economy followed its expected path.
The Federal Reserve left its federal funds rate target range without change at a 23-year high of 5.25%-5.50% for the eighth straight policy meeting in July, as largely expected.
The central bank said there had been some further progress toward the 2% inflation objective, though inflation was still elevated.
Recent macro indicators implied that economic activity had continued to expand at a strong pace, with job growth moderating and the unemployment rate moving up but staying low.
The Federal Reserve noted the risks to achieving its employment and inflation objectives continued to move into better balance.
And, the Fed Chair Jerome Powell said at the regular press conference that a September cut could be considered if inflation continued to ease in line with expectations.
Lower interest rates reduce the opportunity cost of holding Silver, which pays no interest.
As of 6:45 GMT on Thursday Spot Silver was edging down 0.18% to trade at $28.953 per troy ounce.
Silver Futures for delivery in September were gaining 0.45% to trade at $29.067 per troy ounce.
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