Spot Silver held close to a fresh 1-month high of $39.12 on Friday and was set for an over 6% monthly advance, as investors increased bets on Federal Reserve interest rate cuts.
The white metal has surged on expectations that political pressure on the Federal Reserve could accelerate monetary easing.
At the annual symposium in Jackson Hole, Federal Reserve Chair Jerome Powell hinted at a possible rate cut in September.
New York Fed President John Williams also said a rate cut was being considered.
And, echoing those remarks, Fed Governor Christopher Waller also flagged support for resuming rate cuts in September. Waller said he fully expected further cuts to bring policy closer to neutral.
Markets are pricing in about an 89% chance of a 25 basis point rate cut in September, compared to 82% a week ago.
Market players now awaited the US PCE inflation data later in the day for fresh clues on the Fed’s monetary policy trajectory.
Additionally, robust industrial demand continued to support Silver prices. The latest data showed that China’s solar cell exports had risen over 70% in the first half of 2025, underpinned by strong demand from India.
Spot Silver was last down 0.56% on the day to trade at $38.83 per troy ounce.
The precious metal has risen 6.24% so far in August.
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