Silver rises 2.5% as dollar softens after Fed minutes
Silver prices rose on Wednesday, as the US dollar fell against most of its peers, after the release of the Federal Reserve meeting minutes.
The Federal Reserve meeting minutes showed that the central bank's members discussed a plan to reduce asset purchases by $15 billion per month.
The Fed members expected the central bank to start cutting the pandemic bond-buying program starting Mid-November.
Data showed today that the US consumer price index rose 0.4% during September, beating forecasts of 0.3%.
The dollar index fell against a basket of major currencies by 0.5% to 94.07 points as of 20:08 GMT, after hitting a high of 94.5 points and a low of 94.05 points.
Silver spot prices rose by 2.5% to $23.08 an ounce as of 20:09 GMT.
Gold rises 2% as dollar drops
Gold prices rose on Wednesday, as the US dollar fell against most of its peers, ahead of the Federal Reserve meeting minutes.
Data showed today that the US consumer price index rose 0.4% during September, beating forecasts of 0.3%.
The core consumer price index reading (excluding energy and food prices) rose 0.2% last month as expected.
The Federal Reserve will release later the minutes of its last meeting, during which the central bank hinted the possibility of starting taper the bond-buying program soon.
The dollar index fell against a basket of major currencies by 0.5% to 94.07 points as of 17:54 GMT, after hitting a high of 94.5 points and a low of 94.05 points.
Gold spot prices rose by 2% to $1,792.6 an ounce as of 17:54 GMT.
Dollar deepens losses ahead of Fed minutes
The US dollar fell against most of its peers on Wednesday, ahead of the Federal Reserve meeting minutes.
The Federal Reserve will release later the minutes of its last meeting, during which the central bank hinted the possibility of starting taper the bond-buying program soon.
Data showed today that the US consumer price index rose 0.4% during September, beating forecasts of 0.3%.
The core consumer price index reading (excluding energy and food prices) rose 0.2% last month as expected.
The US Congress decided recently to raise the debt ceiling and funding for federal agencies until early December.
The dollar index fell against a basket of major currencies by 0.5% to 94.07 points as of 17:51 GMT, after hitting a high of 94.5 points and a low of 94.05 points.
Oil holds ahead of US inventories data
Oil prices held on Wednesday, as the dollar fell against most of its peers, ahead of the US inventories data.
Commodity prices spiked recently, led by oil, metals, natural gas and others, due to strong demand and a drop in supply.
Data showed today that the US consumer price index rose 0.4% during September, beating forecasts of 0.3%.
The core consumer price index reading (excluding energy and food prices) rose 0.2% last month as expected.
The American Petroleum Institute will release its preliminary report on the US crude inventories later today, and the US Energy Information Administration will release the official data on Wednesday.
As of 16:37 GMT, WTI crude November futures rose less than 0.1% to $80.6 a barrel
Brent December futures held at $83.4 a barrel.