Silver Price Climbs to $16.52 on Interest Rate Uncertainty

Silver climbed 1.9 percent Wednesday morning to hit $16.52 an ounce, Reuters reported. The push followed Federal Reserve Chair Janet Yellen’s failure to provide on Tuesday a timeline of when the Fed will begin hiking interest rates. That encouraged a precious metals rally, and silver climbed over 3 percent at one point.

“The FOMC’s assessment that it can be patient in beginning to normalize policy means that the Committee considers it unlikely that economic conditions will warrant an increase in the target range for the federal funds rate for at least the next couple of FOMC meetings,” Yellen said, according to CNBC.