Silver rises as dollar stabilizes

Silver prices rose on Monday, as US dollar held against most currencies, after the release of mixed economic data.

Data showed today that the US durable goods orders rose 1.8% in August, beating forecasts of 0.7%.

The core durable goods orders reading (excluding food and fuel prices) rose 0.2% last month, missing forecasts of a rise of 0.5%.

The US Federal Reserve on Wednesday 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 dollar index rose against a basket of major currencies by 0.1% to 93.3 points as of 19:55 GMT, after hitting a high of 93.4 points and a low of 93.2 points.

Silver spot prices rose 0.9% to $22.6 an ounce, as of 21:56 GMT.