Silver climbed to $71.13 an ounce on Friday morning after opening slightly lower, as traders wait for Fed Chair Kevin Warsh to speak at the Jackson Hole summit. The metal is up 21.1% over the past month and 79.2% over the past year, with the Fed's next rate move still undecided.
September futures opened the day at $69.35, down 0.1% from Thursday's close. Silver then climbed to $71.13 an ounce as of 7:57 a.m. ET. The rebound comes hours before Fed Chair Kevin Warsh addresses the Fed's Jackson Hole summit.
Traders digest inflation data before Warsh speech
Silver has traded in a holding pattern this week as investors worked through inflation data. That news landed largely within expectations, and investors are now looking to Warsh's Jackson Hole remarks for signals on where the Fed will take interest rates next month, since the committee is divided between holding rates steady and pushing them higher.
Warsh has run the Fed differently than past chairs, and that has only sharpened the anticipation around his speech and whether it offers any further indication of where rates might be headed.
Silver's longer-term climb
The metal's gains extend well beyond this week. Silver's opening price on Friday stood 1.9% above where it traded a week earlier. It was also 21.1% above its level a month ago. And it stood 79.2% above its price a year ago.
That run has cooled somewhat from its peak: silver's year-over-year growth touched 173.3% on May 14, well above where the annual gain sits today. Still, the metal remains firmly higher than it was twelve months ago, and Friday's rise shows it holding onto much of that advance heading into Warsh's address.
Source: Yahoo Personal Finance
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