Silver rises for fourth straight day as dollar falls on Powell's remarks

Silver prices rose on Thursday, extending their gains for the fourth consecutive day, among the longest daily gains streak since late May, based on the US dollar's slide against a basket of currencies after the US Federal Reserve Chairman Jerome Powell's remarks before the US House of Representatives.

As of 11:55 GMT, silver prices rose by 0.5% to $15.28 per ounce from the opening level of $15.21 and recorded a high of $15.31 and a low of $15.21.

Yesterday, silver gained 0.9%, its third daily gain, with most metals and commodities denominated in US dollars climbing.

The dollar index fell 0.25% on Thursday, extending losses for the second day in a row, as the US currency sell-off continued against a basket of major and secondary currencies, following Jerome Powell's remarks before the US House of Representatives.

Those comments reinforced the likelihood that the Federal Reserve will cut interest rates by 25 basis points during the July 30-31 meeting, and also raised the possibility of a 50 basis point rate cut during the same meeting, but the odds remain so far at 30%.

The Fed Chairman pointed to the weaknesses of the global economy and its negative impact on the US economy, coupled with uncertainty about the repercussions of the trade disputes that the US is engaged in with China and other countries.

Powell said that the US central bank will act as needed to maintain growth and the economic gains and that the mounting risks weigh heavily on economic expectations.