Silver rises for first time in 3 days ahead of US Fed meeting

Economies.com
2019-06-18 12:27PM UTC

Silver prices rose on the European market today for the first time in three days, as demand on safe assets renewed, ahead of the Federal Reserve meeting, which is expected to provide clear signals about the possibility of US interest rates cut in the next few months.

 

As of 12:15 GMT, Silver prices rose more than 0.8% to $14.95 per ounce, from the opening of $14.83, and recorded high of $14.96, and a low $14.81.

 

Yesterday, the metal lost 0.2%, the second consecutive daily loss, ob correction from a week high at $15.11 per ounce and under the pressure of the US Dollar.

 

Silver fell 0.9% over the past week, the first weekly loss in a month, on profit-taking activity after prices hit a two-month high of $15.14 per ounce, as well as concerns about actual demand in China, the world's largest metal consumer.

 

The US Federal Reserve will begin its two-day meeting today to discuss the appropriate monetary policy for the latest developments in the US economy, as its decisions will be released on Wednesday, amid strong expectations of the interest rates remaining unchanged at 2.50%.

 

The financial markets are eagerly awaiting the meeting as it is expected to provide clear signals about the possibility of cutting US interest rates over the next few months to support the economy in the face of surrounding risks, especially the country's trade wars against several countries.

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