Spot Silver extended gains on Wednesday on the back of a softer US Dollar, as the latest US CPI inflation data added to expectations of an interest rate cut by the Federal Reserve in September.
Annual headline consumer inflation in the US remained stable at 2.7% in July, against expectations of an acceleration to 2.8%.
But, annual core CPI inflation picked up to 3.1% in July from 2.9% in June, exceeding market consensus.
Markets are now pricing in a 90% chance of a 25 basis point rate cut in September, with one more cut expected by year-end.
The US Dollar Index was last down 0.34% to 97.721.
A weaker dollar makes dollar-priced Silver more appealing to international investors holding other currencies.
Meanwhile, market players awaited the summit between US President Donald Trump and Russia’s President Vladimir Putin on August 15th.
Silver was last up 1.30% on the day to trade at $38.41 per troy ounce.
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