Spot Silver held close to a 1-week peak of $37.90 on Wednesday, underpinned by expectations of a more dovish US monetary policy stance and as investors awaited US President Donald Trump’s appointments to the Federal Reserve.
Yesterday US President Trump said he would soon announce a short-term replacement for Fed Governor Adriana Kugler, who resigned last Friday. Trump is also to announce his pick for the next Fed Chairman.
Silver remained supported by rising expectations of a Fed rate cut next month.
US job growth slowed sharply in July, while the services sector nearly stagnated, as evidenced by a falling ISM Services PMI to a level of 50.1, which raised concerns over the US economic outlook.
San Francisco Fed President Mary Daly had said that the time for rate cuts was drawing close, as evidence of a cooling labor market and the lack of persistent inflationary pressures from tariffs mounted.
Markets are now pricing in a 90% chance of a Fed rate cut in September.
Spot Silver was last up 0.06% on the day to trade at $37.84 per troy ounce.
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