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Silver steadies near $57 as Fed decision weighs on the dollar

The Federal Reserve kept rates unchanged in a split decision, while the US 30-year Treasury yield jumped more than 10 basis points and the dollar index slipped around 0.40%.

Reported · Written up by our desk · Major Pairs

Silver prices held onto gains late in the North American session as the US Federal Reserve kept interest rates unchanged, a decision that weakened the dollar rather than supporting it, according to FXStreet.

FXStreet said the split nature of the Fed outcome mattered: three dissenters, led by Beth Hammack at the Cleveland Fed, Neel Kashkari at the Minneapolis Fed, and Lorie Logan at the Dallas Fed, favored a 25-basis-point rate hike. FXStreet also noted that while the Fed chair, Warsh, said he is committed to tackling inflation, the press conference did not offer details on how the Fed would reach its 2% goal.

In rates, FXStreet reported that the US 30-year Treasury yield spiked by more than 10 basis points to its highest level in nearly 20 years. Despite the yield surge, the dollar index DXY was down about 0.40%, trading around 100.93 after hitting a six-day low.

On the trading level, FXStreet said XAG/USD was around $57.17, barely changed, and that the metal remains below key moving average levels near $64.33, with price action capped within a broader descending channel.

Latest closeSilver $57.33 ▼2.0%|Dollar index 101.39 ▼0.1%

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