Silver consolidates above 10-month low

Silver prices rose on Tuesday, to head for the first gain in 5 days, within recovery from 10-month low, as concerns eased over the Chinese company Evergrande crises, while the US dollar rose against its peers ahead of the Federal Reserve's meeting.

Silver prices rose 1.75% to $22.65 an ounce, after opening at $22.26, and hit a high of $22.23.

Silver closed lower 0.6% yesterday, the fourth straight daily loss, and hit a 10-month low at $22.02 due to concerns over Chinese demand.

China's real estate giant Evergrande continues to face a disastrous debt default scenario, which could destabilize many economic sectors in China, maid concerns about the integrity of the Chinese real estate and credit markets.

The People's Bank of China has injected huge sums of money, in attempts to ease global markets' concerns about the world's second largest economy.

The dollar index fell 0.2% today, deepening losses for the second straight day, on profit-taking from 4-week high at 93.45 points.

The monetary policy meeting of the Federal Reserve will start later today, with decisions to be issued tomorrow, Wednesday, as this meeting is expected to provide very clear evidence about the timing of the start of reducing the bond purchase program.