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.