• Silver price surges to near $30.00 as investors seem confident that the Fed will begin reducing interest rates in September.
• Firm Fed rate-cut bets weigh on the US Dollar and bond yields.
• Investors await the FOMC minutes release and Fed Powell’s speech at the Jackson Hole Symposium.

Silver price (XAG/USD) extends its winning spree for the fourth trading session on Tuesday. The white metal soars to near the psychological resistance of $30.00 as the Federal Reserve (Fed) is widely anticipated to start reducing interest rates from the September meeting.

Investors see the Fed begin to reduce interest rates from September amid growing risks to the United States (US) labor market. Also, Fed officials seem confident that price pressures will return to the desired rate of 2%. Firm Fed rate cuts continue to weigh on the US Dollar (USD).

The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, seems vulnerable near more-than-seven-months low around 101.76. Also, 10-year US Treasury yields hover near a three-day low of around 3.86%. Lower yields on interest-bearing assets bode well for non-yielding assets, such as Silver, given that they result in lower opportunity costs of holding investments in them.