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Silver turned higher on Friday morning

Silver prices opened Friday in September futures in the U.S. at $69.35 an ounce. While that was 0.1% below Thursday’s close, prices recovered in morning trading and rose to $71.13 at 07:57 a.m. Eastern Time in the U.S.

Silver had been trading in a tight range throughout the week as investors priced in inflation data that came in largely in line with expectations. The market is now focused on the messages Fed Chair Kevin Warsh is expected to deliver today at the Jackson Hole summit.

Rate expectations brought cautious optimism to commodities

Warsh’s remarks come at a time when uncertainty is rising over how the U.S. central bank will move on interest rates next month. According to the source material’s assessment, the policy committee is sharply split over whether rates should be raised or kept unchanged.

What signals are investors looking for?

Warsh’s unconventional stance during his presidency so far has heightened expectations for the speech. As a result, this morning’s rise in silver is being seen not only as an intraday price move, but also as positioning by investors looking for fresh clues on the rate path.

  • Opening price: $69.35 an ounce
  • Morning level: $71.13 an ounce
  • Change at the open versus the previous close: down 0.1%

The figures also recall the sharp swings over the past year

Source data shows that silver’s volatility in annual performance has reached notable levels in recent months. The annual gain rate stood out at 173.3% on May 14, suggesting today’s move is taking place within a broader uptrend.

In the short term, the main driver of pricing will be how the messages from Jackson Hole shape the U.S. interest-rate outlook. A clearer signal from the Fed could trigger new price moves not only in silver, but also in other precious metals and the broader commodities market.

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