Silver Futures Trading Lower Following FOMC Meeting

iNVEZZ.com reorted that silver futures are trading lower today following news that the Federal Open Market Committee (FOMC) may raise US interest rates sooner than expected.

As quoted in the market news:

On the New York Mercantile Exchange (NYMEX), September silver futures were down 0.9 percent to $19.32 as of 08:42 BST, having earlier tested $19.28 – their weakest since June 12. They gained 0.43 percent yesterday to settle at $19.49. The contract has shed 5.3 percent so far this month, and is almost unchanged in the year-to-date.

The Federal Reserve published the minutes of the FOMC’s July 29-30 meeting yesterday at 19:00 BST. Many participants in the meeting ‘noted that if convergence toward the Committee’s objectives occurred more quickly than expected, it might become appropriate to begin removing monetary policy accommodation sooner than they currently anticipated.’

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