Silver prices hovered near $37 per ounce on Thursday, steadying after falling more than 2% in the previous session. The decline followed the Federal Reserve’s decision to keep interest rates unchanged at 4.25%–4.5%, reflecting a cautious stance on future rate cuts despite political pressure from President Trump and dissenting votes from Governors Michelle Bowman and Christopher Waller. Fed Chair Jerome Powell reiterated that it is still too early to consider cutting rates and gave little indication of when easing might resume. In response, markets pared back expectations for rate reductions this year, now pricing in just 35 basis points of easing by December. Investors also reacted to stronger-than-expected US data, including robust Q2 GDP growth and solid private employment gains. Attention now shifts to PCE inflation and jobless claims data due Thursday, followed by Friday’s July jobs report for further policy signals.