However, if we observe jobless claims remaining flat or increasing, it would not be surprising to witness a surge in silver prices, as this would support the case for the Federal Reserve to pause its rate hikes following the July meeting. Short-Term Forecast:  Cautious Buying Ahead of Fed Decisions In conclusion, Comex silver prices experienced a minor setback following an early rally, influenced by U.S. Treasury yields and the U.S. Dollar. Factors such as the potential pause in the Federal Reserve’s interest rate hikes, a weakening dollar, and lower inflation figures have provided support for silver.