Silver (XAG/USD) traded in a volatile range during the week of August 31, 2026, peaking above $70 for the first time in ten weeks before pulling back toward $66 amid shifting monetary policy signals. The early rally reflected Treasury plans to expand longer-dated bond buybacks, a softer dollar, persistent inflation concerns, and robust industrial demand tied to electrification and renewables, which compressed the gold-silver ratio and lifted prices roughly 16% month-to-date. Hawkish remarks from Fed Chair Kevin Warsh at Jackson Hole, highlighting sticky inflation and the potential need for a September rate hike, reversed momentum and raised the opportunity cost of holding non-yielding metals. Traders are now watching upcoming labor data and the FOMC meeting for clearer signals on the rate path, with key technical levels near $65 support and $68–$70 resistance.