Commodity Report: Silver Price Forecast: September 2020 [VIDEO]
|Silver prices inched up 1% on Wednesday on a weaker dollar, with investors awaiting the outcome of the Federal Reserve's policy meeting for details of the U.S. central bank's plans to balance interest rates against its inflation target.
The U.S. central bank last month adopted a more accommodative approach to inflation and pledged to keep interest rates low for longer.
Lower U.S. interest rates increase the appeal of non-yielding bullion with gold and silver also used as a hedge against inflation and currency debasement.
The expectations are that the Fed is going to leave the interest rates low for a very extended period of time, and inflation numbers to run over their 2% target rate.
The Fed policy decision is due at 2 p.m. EDT (1900 London Time). The meeting is its first since the central bank took a more relaxed stance on inflation last month. The policy announcement will be followed by a news conference by Fed Chair Jerome Powell.
Where are prices heading next? Watch The Gold & Silver Club Commodity Report now with Phil Carr for the latest price forecasts and predictions:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.