Silver rises, shrugs off Fed statement

Silver prices rose on Wednesday, as the US dollar held against most of its peers, after the Federal Reserve's statement.

The US Federal Reserve has kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.

The Fed stated that depending on the continuous rise in inflation and improved labor market conditions, the FOMC sees that it would be appropriate to start reducing asset purchases.

The Fed also estimated the US GDP to grow by 3.8% in 2022, 2.5% in 2023, and 2% in 2024.

The dollar index held against a basket of currencies at 93.2 points as of 19:42 GMT, after it hit a high of 93.2 points and a low of 93.1 points.

Silver spot prices rose 0.4% to $22.7 an ounce as of 19:42 GMT.