Silver Hits Two-Month High Ahead of Warsh's Jackson Hole Speech

Silver prices have continued to rise, reaching $68 an ounce on Thursday ahead of Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium.

The rally comes despite slightly hotter-than-expected US inflation data, which rose 3.7% year-on-year in July, according to the PCE price index. The recent surge in silver prices has been driven by concerns over dollar debasement following the US Treasury's decision to increase buybacks of older, long-dated bonds.

Investors are looking for clues on the Fed's path towards bringing inflation back to target and are awaiting Warsh's debut speech at Jackson Hole. The probability of a September rate hike now stands at 38%, while the chance of a December hike remains above 70%.