Silver held firm above $38 per ounce on Friday after two consecutive sessions of gains, as investors awaited Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium for signals on the interest rate outlook.
Markets remain cautious that Powell could push back against expectations for a near-term rate cut. Futures currently imply about a 75% probability of a 25 basis point cut in September, down from more than 90% a week earlier.
Kansas City Fed President Jeffrey Schmid argued that "modestly restrictive" monetary policy is still appropriate given inflation risks, while Cleveland Fed President Beth Hammack reiterated her opposition to cutting rates at this stage.
Silver has also shown resilience in recent sessions, diverging from gold by holding firm despite weakness in the yellow metal and strength in the US dollar.
Source: Trading Economics
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