Silver turns lower despite falling dollar
Silver fell on Thursday, despite the US dollar's fall against most currencies and the release of weak economic data.
The US Federal Reserve has 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.
Fed Chairman stated that depending on the continuous rise in inflation and improved labor market conditions, the Fed sees that it would be appropriate to start reducing asset purchases.
The US Department of Labor revealed that the number of initial unemployment claims was at 351K last week, lower than forecasts of 322K.
The dollar index fell against a basket of currencies by 0.5% to 93.03 points as of 18:39 GMT, after it hit a high of 93.5 points and a low of 92.9 points.
Silver spot prices fell by 1.2% to $22.6 as of 18:40 GMT.
Dow Jones rises over 500 points, Nasdaq jumps back above 15,000
US stock indices rose on Thursday, after the Federal Reserve's statement, and shrugged off disappointing economic data.
The US Federal Reserve has 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.
Fed Chairman stated that depending on the continuous rise in inflation and improved labor market conditions, the Fed sees that it would be appropriate to start reducing asset purchases.
The Fed also estimated the US GDP to grow by 3.8% in 2022, 2.5% in 2023, and 2% in 2024.
The US Department of Labor revealed that the number of initial unemployment claims was at 351K last week, lower than forecasts of 322K.
To the oil market, WTI crude October futures rose 1.5% or $1.07, and posted the highest closing since October 2018 at $77.25 a barrel.
Brent November futures rose 1.4% or $1.06, and posted the highest closing since October 2018 at $77.25 a barrel.
As for stocks, Dow Jones rose 1.5% or 506 points, and closed at 34,765, and hit a day high of 34,879, and a low of 34,296.
S&P 500 rose 1.2% or 53 points to 4,448, after hitting a high of 4,465 and a low of 4,406 points.
Nasdaq rose 1% or 155 points to 15,052 points, with a high of 15,085 and a low of 14,932.
Gold sheds 1.5% despite falling dollar
Gold prices fell on Thursday, despite the US dollar's fall against most currencies, after the release of weak economic data.
The US Federal Reserve has 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.
Fed Chairman Jerome Powell said if the US economy continues to recover, the Fed may announce the date of reducing bond-buying next November.
The US Department of Labor revealed that the number of initial unemployment claims was at 351K last week, lower than forecasts of 322K.
The dollar index fell against a basket of currencies by 0.5% to 93.03 points as of 18:04 GMT, after it hit a high of 93.5 points and a low of 92.9 points.
Gold spot prices fell by 1.5% to $1,752.5 18:04 GMT.
Dollar deepens losses on weak data
The US dollar fell against most of its peers on Thursday, after the market absorbed the Federal Reserve's statement, following the release of weak economic data.
The US Federal Reserve has 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 Fed stated that depending on the continuous rise in inflation and improved labor market conditions, the FOMC sees that it would be appropriate to start reducing asset purchases.
The Fed also estimated the US GDP to grow by 3.8% in 2022, 2.5% in 2023, and 2% in 2024.
The US Department of Labor revealed that the number of initial unemployment claims was at 351K last week, lower than forecasts of 322K.
The dollar index fell against a basket of currencies by 0.5% to 93.03 points as of 18:00 GMT, after it hit a high of 93.5 points and a low of 92.9 points.