Silver Price Rallies as Investors Await Fed Meeting

iNVEZZ.com reported that silver rallied on Monday after last week’s poor performance. The white metal was battered by the US dollar’s strength, but investors are now preparing for a two-day US Federal Reserve meeting, scheduled to start Tuesday.

As quoted in the market news:

Silver for May delivery, the most traded contract on the COMEX, had added 24.1 cents, or 1.56 percent to $15.735 per troy ounce as of 8:27 GMT today, having ranged from $15.505 to $15.755. Last week the precious metal lost about two percent, reaching the lowest price in more than three months at $15.260 on Wednesday. Weak retail data had given haven investments a brief respite on Thursday, only for the dollar to come back, rallying to a 12-year peak against a basket of six other major currencies on Friday.

All eyes are now on the upcoming two-day FOMC meeting, starting tomorrow, as analysts expect the US monetary policy body to voice a more hawkish stance on Wednesday. More precisely, experts suggest the FOMC will change the wording of its statement to drop the word ‘patient’, and hint towards a mid-2015 rate hike – the first in more than a decade.

Click here to read the full iNVEZZ.com report.