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Silver Prices Settled Flat As The Dollar Remained Supportive.
Silver prices closed slightly higher by 0.03% yesterday, settling at 75,313 rupees per ounce as the dollar maintained its strength and Treasury yields remained near four-month highs ahead of Wednesday’s FOMC rate decision. The recent readings of consumer and producer price inflation, which surpassed expectations, have tempered optimism regarding the likelihood of the Fed’s first rate cut in June. Despite expectations of a rate cut, the Federal Reserve kept interest rates unchanged within the target range of 5.25%-5.5%, signalling its intention for three rate cuts before the year’s end. Additionally, the Committee notably raised its forecast for this year’s real GDP growth to 2.1%, reflecting improved economic prospects.
