Silver closes lower despite dollar drop

Silver fell today, shrugging off dollar drop, amid uncertainty about the US Federal Reserve monetary policy path.

The US Federal Reserve cut interest rates yesterday by 25 basis points to between 2.00% and 1.75%, the second rate cut since 2008.

The Fed statement showed that the bank's members were divided on further rate cuts, which increased market uncertainty about the Fed's monetary policy path.

As of 18:20 GMT, the dollar index rose by 0.3% to 98.2 points, with an intraday high of 98.6 and a low of 98.2.

Silver futures (December delivery) fell by 0.2% or 3.5 cents to close at $17.884 an ounce, with a high of $18.015 and a low of $17.655.