Silver Prices Reach Highest Level in Last Two Months

The ounce price of silver rose by 1.85 percent to $70.54, reaching its highest level in the last two months, ahead of a critical speech to be delivered by US Federal Reserve (Fed) Chair Kevin Warsh at the Jackson Hole symposium.

Interest Rate Expectations and the Jackson Hole Symposium

In the markets, investors' focus has turned to the steps the US Federal Reserve will take regarding monetary policy. Investors are closely following the messages about the future of interest rates that Fed Chair Kevin Warsh will deliver in his speech at the Jackson Hole symposium.

According to market pricing, the probability of the Fed raising interest rates by December stands above 70 percent, while the expectation that interest rates will be kept constant at the September meeting is at 65 percent. Higher-than-expected inflation data from the US also strengthens the possibility of an interest rate hike before the end of the year.

Growing Interest in Precious Metals

Concerns regarding the US debt outlook and the future of the dollar remain on the agenda, supporting the rise in gold and silver prices. Uncertainties in the US fiscal structure play an important role in investors turning to precious metals.

The US Treasury Department's expanded debt buyback steps are also being closely monitored by the markets. These steps are expected to be decisive in the price trend of precious metals by keeping expectations of a depreciation of the dollar alive.