Silver Rises as Dollar Weakens

Silver climbed above $38.6 per ounce on Thursday, trading near one-month highs as the dollar retreated on growing expectations of a US Federal Reserve rate cut next month. Markets now assign an 89% probability of a 25 basis point cut in September, up from 82% a week earlier. The shift came as President Donald Trump sought to exert greater influence over the central bank after attempting to remove Fed Governor Lisa Cook and replace her with a more dovish candidate. On the industrial side, silver demand drew support from robust photovoltaic sector data in China. Recent figures showed Chinese solar cell exports surged more than 70% in the first half of the year, led by strong demand from India. This followed China’s installation of over 93 gigawatts of solar capacity in May — a record high and a 300% year-on-year increase — ahead of policy changes that will make it more difficult to connect new panels to the grid.