Spot Silver held near a three-week high of $38.74 on Thursday, underpinned by expectations of an interest rate cut by the Federal Reserve in September in the wake of tame US CPI inflation data.
Markets are now pricing in about a 94% chance of a 25 basis point rate cut in September and about 6% chance of an out-sized 50 bps cut.
The US Dollar Index was hovering above lows last seen on July 28th.
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.
The white metal also remains underpinned by robust industrial demand and persistent supply deficit.
Silver was last up 0.26% on the day to trade at $38.61 per troy ounce.
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