• Silver price gains ground as market participants expect Fed’s Powell to deliver a statement about the possible rate cuts.
• Boston Fed President Susan Collins expressed her support for beginning interest rate cuts next month.
• The safe-haven Silver may advance further due to the ongoing deadlock in securing a truce between Israel and Hamas.

Silver price (XAG/USD) price moves above $29.00 per troy ounce during Friday’s Asian hours. Non-yielding Silver prices gain ground ahead of the US Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium later in the North American session. Powell may deliver a statement about the possibility of interest rate cuts in the United States (US), which is highly anticipated by market participants.

Several Federal Reserve officials have recently shown optimism about a potential rate cut next month, a perspective also reflected in the latest FOMC minutes. On Thursday, Federal Reserve Bank of Boston President Susan Collins expressed confidence that the US central bank can reduce inflation without causing a recession and indicated her support for beginning interest rate cuts next month, per Reuters.

Kansas City Fed President Jeff Schmid mentioned in an interview with broadcaster CNBC at Jackson Hole, that he is closely examining the factors behind the rise in the unemployment rate and will rely on data to determine whether to support a rate reduction next month