Silver trims yesterday's gains and closes lower

Silver prices fell during today's trading to lose some of the recorded yesterday gains, but precious metals tilted higher in electronic trading after the session close following the reveal of the Federal Reserve decision.

In a related context, by 19:10 GMT, the dollar index (against a number of major currencies) fell by 0.5% to 97.1 points, with the highest level at 97.6 points and the lowest at 97.1 points.

The Federal Reserve has set its benchmark interest rate at 2.50% unchanged, but has hinted that it will not be cut this year, but possibly in 2020.

Federal Reserve Chairman Jerome Powell said there was no need at the moment to cut interest rates, citing confidence in inflation moving towards the Fed's target amid a reasonably performance from the US economy.

At the end of the session, silver futures (July delivery) fell 0.2%, or 3.5 cents, to close at $14.958 per ounce, hitting a high of $15.10 and a low of $14.905.