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Silver rises above $15, hits 3-month high
Silver prices rose in the European market on Thursday, extending gains for the third day in a row, above $15 per ounce, the highest level in three months, based on the decline of the US dollar against a basket of currencies after the Federal Reserve meeting.
As of 12:15 GMT, Silver prices rose more than 1.3% to $15.36 per ounce from the opening level of $15.16, and recorded the highest since March 27 at $15.39 and the lowest at $15.11.
Yesterday, the white metal gained 1% in the second consecutive daily gain, with most metals and commodities denominated in US dollars climbing.
The dollar index fell more than 0.5% on Thursday, continuing its sharp decline for the second day in a row, reversing the increased greenback sell-off against a basket of major and minor currencies, favoring the rise in silver and other metals denominated in US dollars.
The sharp drop in US dollar levels followed the Federal Reserve meeting on Wednesday, where US interest rates remained unchanged, in line with expectations, while the bank indicated its willingness to cut interest rates to meet global and domestic challenges.
US Federal Reserve governor Jerome Powell said some officials believe the issue of easing monetary policy is more appropriate in the meantime.
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