Spot Silver advanced to a fresh 14-year peak of $44.36/oz. on Tuesday on expectations the Federal Reserve will continue easing its monetary policy and ahead of a speech by Federal Reserve Chair Jerome Powell.
The Fed lowered its federal funds rate target range by 25 basis points to 4.00%-4.25% at its September meeting and indicated another 50 basis points of rate cuts by the end of the year.
Markets are now pricing in about a 90% chance of a 25 basis point Fed rate cut in October and a 75% chance of another 25 bps cut in December.
Lower interest rates tend to reduce the opportunity cost of holding Silver, which pays no interest.
Powell is expected to speak at 16:35 GMT, with investors looking for further policy clues.
Additionally, robust industrial demand continued to support Silver prices amid supply constraints. Silver is facing its fifth successive year of a structural market deficit.
Spot Silver was last up 0.52% on the day to trade at $44.30 per troy ounce.
Meanwhile, Silver futures for December delivery were last up 0.81% to trade at $44.573 per troy ounce.
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