Silver price (XAG/USD) pares its recent losses from the previous session, trading around $44.00 per troy ounce during the European hours on Thursday. The non-interest-bearing Silver maintains its position near a 14-year high of $44.47, which was reached on Tuesday as traders widely expect a 25-basis-point rate cut by the US Federal Reserve (Fed) at its October policy meeting.
US Federal Reserve (Fed) Chair Jerome Powell struck a cautious note, stressing that the US central bank must weigh stubborn inflation against a softening job market, calling it "a challenging situation" and reiterating comments from last week. However, the CME FedWatch tool suggests that money markets are currently pricing in nearly a 92% possibility of a Fed rate cut in October, up from 87% a week earlier.
Traders would likely observe the upcoming US Q2 Gross Domestic Product Annualized later in the day. Focus will shift toward Personal Consumption Expenditures (PCE) Price Index data, the Federal Reserve's preferred inflation gauge, due later on Friday.
Source: FXstreet
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