28.08.202503:53:23UTC+00Silver Rises as Dollar Weakens

Silver prices rose to above $38.6 per ounce on Thursday, reaching near one-month highs, as the dollar weakened amid increased speculation that the US Federal Reserve will implement a rate cut next month. The market now anticipates with an 89% likelihood a 25 basis point reduction in September, up from 82% the previous week. This change in sentiment comes as President Donald Trump seeks to wield more influence over the Federal Reserve, following his attempt to remove Fed Governor Lisa Cook in favor of appointing a more dovish successor. On the industrial front, silver demand is being bolstered by strong data from China's photovoltaic sector. Recent statistics revealed that Chinese solar cell exports skyrocketed by over 70% in the first half of the year, primarily driven by strong demand from India. This surge followed China's installation of more than 93 gigawatts of solar capacity in May, marking a new record high and a substantial 300% increase compared to the previous year, ahead of impending policy changes that will complicate the process of linking new panels to the grid.