In the medium to long term, there is still support for gold prices against the backdrop of interest rate cuts.

Spot silver fell slightly on Thursday as the market is focusing on Federal Reserve Chairman Jerome Powell's upcoming speech at the Jackson Hole Economic Symposium.

Spot silver touched a one-week high of $29.159 an ounce on Thursday after Federal Reserve Chairman Jerome Powell said a rate cut could be considered in September.

On Monday, spot silver prices experienced a decline, but have not yet moved away from last Friday's one month high of $31.49 per troy ounce.

Recent retail trader data from IG shows significant optimism towards gold and silver.

As of 7:23 Greenwich Mean Time on Monday, spot silver rose 1.24% to $29.541 per ounce. Last Friday, spot silver recorded its largest daily decline since February 2, 2021.

Spot silver fell more than 3 percent on Monday as markets cut demand for safe-haven assets amid easing fears of a broader conflict in the Middle East.

On Monday, even though the latest strong employment data in the United States led investors to reduce their expectations for a rate hike in June, spot silver prices still hit a 34 month high of $28.088 per ounce.