Spot Silver held near a 1-week high of $36.42 per troy ounce on Thursday, supported by a weaker dollar and lower Treasury yields.
The US Dollar Index was last down 0.71% to 97.017.
A softer dollar makes dollar-priced Silver more appealing to international investors holding other currencies.
Market players were now expecting the key US GDP growth data later today and PCE inflation data on Friday for more guidance on the Federal Reserve’s policy trajectory.
During his second day of congressional testimony, Fed Chair Jerome Powell once again said there had to be no rush to lower interest rates because of uncertainty over the impact of the tariff debate.
Still, “if it turns out that inflation pressures remain contained, we will get to a place where we cut rates sooner than later,” Powell noted.
Markets are now pricing in a more than 85% chance of a Fed rate cut in September.
The white metal also remains underpinned by robust industrial demand and persistent supply deficit. Silver is facing its fifth successive year of a structural market deficit, according to the Silver Institute industry association.
Spot Silver was last up 0.31% on the day to trade at $36.38 per troy ounce.
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