Silver Sinks to $19.56 per Ounce After Yellen Comments

iNVEZZ.com reported that silver is currently trading at $19.56 per ounce, down 0.56 percent intraday.

The white metal’s fall came after Janet Yellen, US Federal Reserve chair, said that “inflationary risks seem skewed to the downside, reducing the appeal of the precious metal as a hedge against price increases.”

As quoted in the market news:

The first female chair of the Fed said in a speech to the Economic Club of New York that policymakers ‘anticipate that, as labor market slack diminishes, it will exert less of a drag on inflation’. She added, however, that ‘during the recovery, very high levels of slack have seemingly not generated strong downward pressure on inflation’. At present, Yellen thinks the odds of inflation substantially overshooting the Fed’s two percent target are ‘significantly below the chances of inflation persisting below 2 percent’. She stressed that the US central bank would raise rates if inflation is ‘persistently’ above target.

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