The price of silver opened the week above last week’s low on Thursday, trending around $15.30 per ounce. Monday completed three days of consecutive gains, but no significant news changed the silver price early in the week. Tuesday showed some volatility in the markets, as the silver price dropped slightly ahead of the Federal Reserve meeting mid-week, following gold’s trajectory.
While gold prices shot up on Wednesday after the Federal Reserve announced a no-change policy on interest rates, the positive news for precious metals reached the silver market Thursday. Silver prices rose 3.5%, reaching above $16.00 per ounce by the close of the market. The dollar was sent sharply downward, boosting precious metals, including gold, silver and platinum. Oil prices and raw materials also gained.
The silver price jumped 5.1% by Friday’s market close, though the price point retreated back from the key $16 level. Price gains are expected to continue, considering an uncertain dollar and weak global economy.