Silver prices ended with gains as support seen following a slight downward revision to U.S. second quarter economic growth. Silver prices pared some of its gains as traders eyed moves in the dollar following comments from two top Federal Reserve officials that hinted at a potential U.S. interest-rate hike as early as next month. The Commerce Department said U.S. economic growth for the second quarter was revised slightly to an annual rate of 1.1%, from an earlier estimate of 1.2%. Federal Reserve (Fed) Chair Janet Yellen attracted attention when she spoke at the Jackson Hole symposium, saying that she saw recent data supporting the case for further tightening. Yellen believes a rate-hike could be justified when looking at the recent data, adding to the belief that the Fed is getting closer to reaching both of its goals - the labor market and inflation. As for the economy, she sees it permanently expanding, albeit at a somewhat slower pace. One contributor to the pace is solid spending, while investment remains a laggard with lower foreign investment activity. Despite her comments, the Fed remains strictly data dependent, with monetary policy not on a preset course, Yellen stated. As for actual monetary policy, Yellen said it's worth looking at a broader range of asset purchases in the future. Nevertheless, the idea of cutting rates if the economy worsened is limited, with Yellen only seeing very limited scope for rate cuts under such conditions. Technically market is under short covering as market has witnessed drop in open interest by -9.54% to settled at 8561 while prices up 318 rupee, now Silver is getting support at 43515 and below same could see a test of 43053 level, And resistance is now likely to be seen at 44581, a move above could see prices testing 45185.

Trading Ideas:

Silver trading range for the day is 43053-45185.

Silver prices ended with gains as support seen following a slight downward revision to U.S. second quarter economic growth.

Comments from two top Federal Reserve officials that hinted at a potential U.S. interest-rate hike as early as next month.

Yellen believes a rate-hike could be justified when looking at the recent data, adding to the belief that the Fed is getting closer to reaching its goals.