Silver prices climbed 1% to around $38.30 per ounce on Wednesday, advancing for the second consecutive session as the latest US inflation data strengthened expectations for a Federal Reserve rate cut next month. Headline inflation was unchanged at 2.7%, defying forecasts for a tariff-driven increase to 2.8%, while core inflation edged up to 3.1%, its highest level in six months. Markets are now pricing in a 94% probability of a 25-basis-point cut in September, with another reduction before year-end also reflected in expectations. Meanwhile, investors awaited this week’s US-Russia talks in Alaska over the war in Ukraine. The White House described the planned meeting between Presidents Donald Trump and Vladimir Putin as “a listening exercise for the president,” dampening hopes for a breakthrough ceasefire agreement.