Silver closes higher as dollar turns lower

Silver prices rose today, as safe-haven demand rebounded on precious metals amid caution for the Federal Reserve decision and a retreat in the US dollar.

The US Federal Reserve decided today in a widely expected move to hold interest rates unchanged between 1.75% and 1.50%, and hinted a pause in 2020, with no hints for a cut in the next year amid a positive outlook for the US economy.

Otherwise, the dollar index fell against a basket of currencies by 0.3% to 97.1 points as of 21:07 GMT, and hit an intraday high of 97.6 and a low of 97.04.

Focus will turn to the British parliamentary election tomorrow, which will show the fate of the Brexit, amid broad expectations that conservatives led by PM Boris Johnson will bag the majority of seats.

Silver futures (March delivery) rose by 0.9%, or 14.7 cents to close at $16,849 an ounce, with a high of $17.025 and a low of $16.65.