Silver prices slid toward $37 per ounce on Wednesday, marking their lowest level in more than two weeks as the dollar firmed ahead of key Federal Reserve events.
Investors are awaiting the release of the July Fed meeting minutes, which will be closely scrutinized after the gathering saw the first policy dissents since 1993. Fed governors Christopher Waller and Michelle Bowman favored a quarter-point rate cut over leaving rates unchanged, underscoring divisions within the committee.
Focus will then shift to Fed Chair Jerome Powell's remarks at the Jackson Hole symposium, with markets watching for any attempt to temper expectations for easing. Traders currently assign an 85% probability of a September rate cut and are pricing in about 54 basis points of reductions by year-end.
Adding to the bearish tone, easing geopolitical risks tied to ongoing Ukraine peace negotiations and fading concerns over a global trade war further weighed on safe-haven demand for precious metals.
Source: Trading Economics
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