FX.co ★ Silver Holds Steady Amid Fed Concerns

Silver prices remained stable above $38.5 per ounce on Wednesday, maintaining proximity to a one-month high as renewed concerns about the Federal Reserve's independence spurred demand for safe-haven investments. Earlier this week, President Donald Trump announced his intention to dismiss Fed Governor Lisa Cook over accusations of mortgage fraud. However, Cook's attorney has confirmed her intention to initiate legal action to challenge her removal. Analysts have indicated that Cook's potential ouster could heighten the probability of earlier interest rate cuts, as Trump might exert increased influence over the central bank. On the industrial front, silver demand received support from strong performance data in China’s photovoltaic sector. Recent statistics revealed that Chinese solar cell exports surged by over 70% in the first half of the year, largely fueled by robust demand from India. This activity follows China's installation of more than 93 gigawatts of solar capacity in May—a record high and a 300% year-on-year increase—prompted by impending policy changes likely to complicate the process of connecting new panels to the grid.