As the U.S. dollar gained strength due to hopes that the Federal Reserve will maintain high borrowing costs and a robust U.S. economy, silver prices fell by 1.49% to settle at 71669. Silver received some assistance from China’s stimulus policies and a declining currency as a result of encouraging economic news from Europe.
Now, everyone is watching the next Fed meeting in hopes of picking up some indications regarding guidance going forward. The Fed is predicted to stop raising rates, but it will probably keep them high, which could reduce the attraction of silver.
The tightening cycle of the European Central Bank appeared to be coming to an end in Europe. Ahead of the Fed’s policy meeting, the dollar weakened due to uncertainty about the direction that U.S. interest rates will take going forward.
Important statistics to take note of include the U.S. economy’s tenacity in the face of many interest rate increases, China’s resurgence propelled by financial assistance and government investment, and a drop in German consumer price inflation to 3.8% year over year in October. Additionally, services confidence in the Euro Area increased, hitting 4.5 in October.
