Having bounced off a 2-week low of $36.96/oz., Spot Silver held above $37.50 on Thursday, as market players focused on the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, for cues on policy outlook.
Fed Chair Jerome Powell is expected to speak on Friday at the symposium, which will take place on August 21-23.
The Fed kept its federal funds rate target range without change at 4.25%-4.50% at its July meeting. But, two governors dissented in favor of a rate cut, which has been the first such dual dissent since 1993.
The minutes from the Fed’s meeting in July showed that most policy makers remained more concerned about persistent inflation pressures than about labor market risks.
Markets are now pricing in two rate cuts of 25 basis points each by the end of the year, with the first one likely in September.
Silver was last down 0.33% on the day to trade at $37.78 per troy ounce.
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