Silver prices reach highest level in more than two months

Silver prices recorded a 1.85 percent increase on August 28, reaching $70.54 per ounce and seeing their highest level in over two months. Investors are now focused on the statements to be made by US Federal Reserve Chair Kevin Warsh.

Two-Month High in Silver

Silver prices climbed to $70.54 per ounce with a 1.85 percent increase on August 28. With this movement, the precious metal surpassed the $70 threshold and retested its highest levels in more than two months.

Fed Chair's Statements Awaited

All attention in the markets has turned to the speech that US Federal Reserve Chair Kevin Warsh will deliver at the Jackson Hole Economic Policy Symposium. Investors are trying to obtain clues about the future of interest rates in the US from these messages.

Interest Rate and Inflation Expectations

According to current market pricing, the probability of the Fed raising interest rates by December stands at over 70 percent. Meanwhile, the probability of interest rates remaining unchanged at the September meeting is approximately 65 percent.

Debt Outlook and Markets

Higher-than-expected US inflation data strengthened expectations that an interest rate hike could be made before the end of the year. Investors are also closely monitoring the US Treasury Department's expanded debt buyback program.