On Wednesday, silver prices stabilized near their weekly lows, experiencing a decline of more than 0.30%. However, the metal remains above the daily low of $30.12 recorded on October 8, trading at $30.61 during late North American trading hours. This slight uptick is attributed to rising US Treasury bond yields following the release of the latest minutes from the Federal Open Market Committee (FOMC) meeting.
The minutes revealed that some committee members had advocated for a 25 basis points rate cut during the September meeting.
However, there was a consensus that the larger cut approved should not be interpreted as a sign of concern regarding the economic outlook, nor should it indicate the Fed‘s intention to significantly reduce interest rates in the near future.
You Might Be Interested In
- China Central Bank Gold Purchases to Continue Driving Demand
- North American Investors Lead Gold ETF Inflows Amid Rate Cuts and Geopolitical Tensions
- Bitcoin on Path to Become the 21st-Century Digital Gold, Says Deutsche Bank Strategist
