• Silver price moves sideways as traders remain cautious due to the Jackson Hole Annual Symposium scheduled for August 22-24.
• Fed Chair Jerome Powell will address the potential for interest rate cuts Annual Symposium on Friday.
• The Silver could find support due to safe-haven flows amid lacking a truce agreement between Israel and Hamas.

Silver price (XAG/USD) price edges lower to near $29.50 per troy ounce during the European hours on Thursday. Traders are focused on Federal Reserve Chair Jerome Powell's upcoming keynote speech at the Jackson Hole Annual Symposium on Friday, where he is expected to address the potential for interest rate cuts in the United States.

The downside for non-yielding Silver could be limited, as the Federal Reserve is expected to implement 100 basis points (bps) in rate cuts by the end of this year. However, there is some disagreement among market analysts on whether the Fed will opt for a 25 or 50 bps cut at its September meeting. Lower interest rates would make commodity assets like Silver more attractive to investors, as they may offer better returns in a low-rate environment.

CME FedWatch Tool suggests that the markets are now pricing in a nearly 65.5% odds of a 25 basis point (bps) Fed rate cut in its September meeting, down from 71.0% a day ago. The probability of a 50 basis point rate cut increased to 34.5% from 29.0% a day earlier.

FOMC Minutes for July’s policy meeting indicated that most Fed officials agreed last month that they would likely cut their benchmark interest rate at the upcoming meeting in September as long as inflation continued to cool.