Silver prices rose on Wednesday as investors turned their attention to the minutes of the Federal Reserve meeting and labor market data in the United States, which are expected to be released later today.
The minutes of the last meeting of the Federal Open Market Committee (FOMC) are expected to provide more details about the decision of policymakers to keep interest rates steady at the June meeting.
Fed Chairman Jerome Powell had earlier pointed to progress in reducing inflation to the central bank's target of 2%, but stressed the need for more confidence before making a decision to ease monetary policy, which led to the exclusion of the likelihood of an interest rate cut in July, however, market participants are betting on the likelihood of an interest rate cut in September, which increased the demand for safe haven assets pending today's data, which could reverse the trend or increase the rise of silver.
