Silver rebounds from three-month low

Silver prices rose on Wednesday after plumbing three-month lows yesterday, as commodities recover in tandem with dollar's retreat before the Federal Reserve's policy decisions. 

Dollar dipped today after a strong performance yesterday, as investors readjust their positions before the Fed's highly anticipated decisions. 

Analysts are almost unanimous in expecting the Fed to increase interest rates by 25 basis points this meeting, however, markets are interested in the future path of rate hikes this year.

An accelerated pace of US rate hikes would heap pressure on commodities, as investors will shun no-yield assets such as silver and gold in favor of more yielding holdings. 

Silver prices climbed to $167.25 an ounce from the opening of $16.15, with a session-high at $16.26, and a low at $16.14.