Silver price at the close of the session on August 28: Sharp increase, exceeding 70 USD/ounce - Laodong.vn

AI desk brief

Silver jumped to around $70.2/oz at the Aug. 28 close, up $2.07/oz on the day, as traders positioned ahead of Jackson Hole and looked for fresh Fed guidance. The move puts silver back above a key psychological level and keeps momentum focused on the $69.98–71.21/oz resistance zone.

The article frames the rally as a macro-driven move: July PCE inflation reportedly ran at 3.7% y/y, the US 10-year yield was still near 4.7%, and the USD remained firm, all of which normally cap bullion. Even so, silver is seeing support from risk hedging demand and its industrial use in renewable energy and technology, adding a second layer of demand beyond safe-haven flows.

Near term, the market will key off the Fed’s messaging: a softer tone could weaken the dollar and extend the breakout toward $73.71/oz and $74.34/oz, while a hawkish inflation-first stance could push yields higher and drag silver back toward $67.48/oz support, then $66.21/oz.