Silver rose above $29 per ounce in mid-August, hitting an over two-week high amid expectations that the US Federal Reserve will start cutting interest rates in September.

A chorus of Fed officials warned about rising risks to the labor market and the broader economy in the US, signaling readiness to lower borrowing costs next month. Markets are currently pricing in nearly 100 basis points in total Fed easing this year, while remaining divided on whether the central bank will deliver a 20 or 50 bps reduction in September.

Elsewhere, Australian miner Perth Mint reported that its silver product sales surged 91% month-on-month to 939,473 ounces in July, the highest level since February. US-bound shipments accounted for most of its silver sales which remains the firm's biggest market.

Source: trading Economics