Silver Price Drops to $15.50 Ahead of Fed Results

The silver price dropped 0.5 percent on Wednesday to trade at $15.50 per ounce, according to Investing.com. The source notes that investors are looking ahead to the close of the Federal Reserve’s policy meeting, which began on Tuesday and is expected to produce more direction on a possible interest rate hike.

Reuters notes that if a hike does occur it will be the first since June 2006. However, due to a weak housing sector it is unlikely that the Fed will further engage in an aggressive hiking cycle following an initial rate increase.