Spot silver fell slightly on Thursday. Markets are eyeing Federal Reserve Chairman Jerome Powell's upcoming speech at the Jackson Hole Economic Symposium, the content of which could provide more guidance on future interest rate adjustments.

Meanwhile, minutes from the Fed's July meeting indicated that monetary easing could begin in September. The minutes noted that if economic data continue to meet expectations, a rate cut next month may be appropriate.

The minutes mentioned that some FOMC (Federal Open Market Committee) policymakers were inclined to discuss a rate cut at the July meeting, emphasizing the recent improvement in inflation and rising unemployment.

Market expectations that the easing cycle in the US may take longer compared to other major economies due to higher US short-term interest rates pushed US Treasury yields and the US dollar lower.

Futures markets have fully factored in the expectation of a 25 basis point rate cut in September, while the probability of a 50 basis point cut is about 35%.

After the US non-farm payrolls data for the period March to March 2024 was revised downward by 818,000, market bets on multiple rate cuts increased. The market expects the Fed to cut rates by 100 basis points by the end of this year.

Spot silver was down 0.47 percent at $29.467 an ounce as of 08:05 GMT on Thursday. silver futures for September delivery were down 0.19 percent at $29.480 an ounce.