Silver Holds Firm Above $69.00 Amid Fed Stance Uncertainty
Silver prices have stabilized above $69.00 per troy ounce as investors gauge the Federal Reserve's stance ahead of its crucial meeting next month. Despite posting losses in the previous day, Silver rose to around $69.10 during Asian hours on Thursday.
Market participants are closely watching Fed Chair Kevin Warsh's upcoming speech at the annual Jackson Hole symposium on Friday, as it may influence their assessment of monetary policy trajectory. Meanwhile, fresh economic data released on Wednesday showed July's PCE price index accelerating to 0.2% month-on-month, beating forecasts and pushing the annual inflation rate up to 3.7%.
According to TD Securities, while the supportive backdrop has helped Silver, they caution that 'with the market still pricing in hikes for 2027, and the energy market remaining a notable risk, we caution this rally may be too early for a renewed run back to record highs' for Gold. The bank notes that strong fundamental drivers, including robust industrial demand tied directly to green energy technologies, are supporting Silver prices.