Silver Price Perks Up Following Fed Statement

iNVEZZ.com reported that during Thursday trading silver was able to recover some of the losses it incurred earlier in the week. Analysts believe the white metal has perked up on the back of a “more-dovish-than-anticipated Federal Reserve statement.”

As quoted in the market news:

Silver for immediate delivery had climbed 1.78 percent, or 28 cents, to $15.98 an ounce as of 06:30 GMT, and was trading over three percent below its 50-day simple moving average of $16.48. It closed one cent up yesterday, ending a three-day, eight percent tumble.

Yesterday the Federal Open Market Committee (FOMC) released its official statement on monetary policy at 19:00 GMT at the end of its two-day meeting. The Fed dropped the pledge to keep rates near zero for a ‘considerable time’ and replaced it with new wording that the central bank ‘can be patient in beginning’ to tighten monetary policy. However, the Fed eased the impact of the change in wording by saying that the ‘patient’ language was ‘consistent’ with its prior ‘considerable time’ pledge.

Click here to read the full iNVEZZ.com report.