Silver Falls Slightly Following Yellen’s Comments to Congress

Toady, silver lost 0.2 percent, or $0.04, to trade at $20.62 per ounce, according to Reuters. The slight downward movement looks to have been caused by US Federal Reserve Chair Janet Yellen’s comments to Congress yesterday.

“Yellen’s remarks this week are triggering an upward adjustment in expectations for the future path of Fed rate hikes, a higher U.S. dollar, constructive investor sentiment and lower [precious metals] prices,” ABN AMRO analyst Georgette Boele told the news outlet. “At best, we’ll see prices consolidating at these levels but if more good economic data comes in or the market gets more nervous about expectations for higher interest rates, we’ll see further downside.”