Silver Futures Market News and Commentary
Feb Comex gold (GCG20) on Wednesday closed up +6.9 (+0.47%), and Mar silver (SIH20) closed up +0.147 (+0.88%).
Precious metals settled higher Wednesday after the Fed signaled it will keep interest rates steady for the foreseeable future, thus reducing concerns about a rate hike. The FOMC voted 10-0, the first unanimous decision since May, to keep the fed funds target range unchanged at 1.50%-1.75% and said interest rates are "appropriate" to support growth and jobs.
US/Chinese trade uncertainty continues to support precious metals prices as the markets wait to see if President Trump will move ahead with his plan to impose a new 15% tariff on the last $160 billion of Chinese goods on Sunday. White House Trade Adviser Navarro said Tuesday night that "It's President Trump's decision and that there is no indication that he's going to do anything other than have a great trade deal or put the tariffs on."
Wednesday's U.S. inflation data was slightly hawkish for Fed po... Read more