Silver stabilizes ahead of Fed Chair testimony

Silver prices stabilized in the European market on Wednesday in a limited range of trading, two days after recovering from a two-week low as investors refrained from building new positions, pending US Federal Reserve Chairman Jerome Powell's statements on monetary policy in the semi-annual testimony before the US Congress.

As of  11:50 GMT, silver prices are trading around $15.09 per ounce from the opening level of $15.10, with the highest at $15.13 and the lowest at $15.03.

Yesterday, silver gained 0.5%, its second consecutive daily gain, recovering from a two-week low of $14.88 per ounce.

Most of the global financial markets are closely watching Federal Reserve Governor Jerome Powell's testimony before the US Congress, which is expected to include clear evidence of the future of US monetary policy and interest rate cuts this year.

The testimony will begin at 14:00 GMT, before the House Financial Services Committee, to be completed on Thursday before the Senate Banking Committee.

Neutral or even less pessimistic comments would reduce the chances of a significant cut in US interest rates this year, which would boost the gains of the US dollar and pressure the price of metals and commodities denominated in US currency.