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Silver jumps over 7%, hits nearly 7-year high
Silver prices rose on Monday, as the US dollar slumped against most currencies, ahead of the Federal Reserve meeting.
Data showed today that the US durable goods orders index rose by 7.3% in June, beating forecasts of 7%.
The Federal Reserve will launch its regular meeting on Tuesday, to discuss monetary policy, with expectations to keep the interest rate unchanged.
Federal Reserve Chairman Jerome Powell will hold a press conference after the meeting on Wednesday to comment on the Fed’s decision.
The dollar index fell against a basket of currencies by 0.8% to 93.6 points as of 21:06 GMT, after it hit an intraday high of 94.6 and a low of 93.3.
Silver September futures rose 7.2% to close at the highest level since August 2013 at $24.51 an ounce, with a day high of $24.82 and a low of $22.94.
Gold closes about 2% higher, logs fresh record high
Gold futures rose on Monday, to continue the strong gains, and post a new record high above the $1,900 psychological barrier.
MoreUS crude erases losses, holds above $42
The performance of oil prices varied during Monday's trading, as US crude gave up losses recorded earlier in the session and turned to stability, as Brent cut its losses.
MoreDollar continues to drop, hits lowest level since June 2018
The US dollar continued its broad slide on Monday, hitting its lowest level in 2 years, despite the release of strong data and ahead of the Federal Reserve meeting.
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