Silver prices rose Monday, rebounding from a volatile end to the previous week as investors turned their attention to the Federal Reserve’s final meeting of the year.March silver futures climbed 25 cents, or 1.5%, to $17.21 a troy ounce at 10:30 am on the Comex division of the New York Mercantile Exchange. Prices have been volatile since hitting a one-month high of $17.28 on December 7. The grey metal held on to gains of roughly 0.8% last week.
Platinum prices shot up Monday, climbing $15.95, or 1.7%, to $931.80 a troy ounce.
Meanwhile, February gold futures ticked up $1.10, or 0.1%, to $1,163.10 a troy ounce.
Precious metals are in for volatility this week as the US Federal Reserve signals for higher interest rates. The Federal Open Market Committee (FOMC) is widely expected to vote in favour of a 25 basis point increase in the federal funds rate, resuming the slow process of policy tightening. Economists in a recent Wall Street Journal survey said they expect interest rates to rise four times next year, with 1.26% being the median estimate for the federal funds rate in December 2017.
The Fed will announce its rate decision at the conclusion of its two-day meeting Wednesday at 2:00 pm ET. The official statement will be accompanied by quarterly economic projections covering GDP, unemployment and inflation.Investors will closely monitor Wednesday’s rate announcement for specific language that might imply a more aggressive rate hiking path in the wake of Donald Trump’s election victory. The President-elect supports policies that could stoke faster inflation, which could force the central bank to reevaluate its policy timeline.
The US dollar soared to fresh highs on Friday, but has since given back some of those gains ahead of the central bank meeting. The dollar index fell 0.4% to 101.18.US stocks were trading mixed Monday morning following another record-setting week. The Dow continued to push higher, while the Nasdaq traded in negative territory. The S&P 500 Index was virtually unchanged.
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