Silver was quoted at $53.60 per troy ounce and down more than 1.45% in an FXStreet analysis published at 1:35 p.m. ET (17:35 UTC) on Oct. 28, shortly before the Federal Reserve’s scheduled rate announcement. FXStreet did not specify when that price was recorded, and separate providers reported different readings.
Kitco listed a spot bid of $53.50 per ounce at 12:30 p.m. ET, down 1.46%. Reuters reported spot silver at $53.82, down 1%, but did not give a time for that quote. The figures are snapshots from different sources, not a single confirmed price for the day.
FXStreet’s technical analysis identified $53.50 as an initial support level, followed by $53.00 and a reported year-to-date low of $52.67 on Oct. 27. The outlet said $50 could come into focus if those levels broke and cited a Relative Strength Index reading of 31.58. These are FXStreet’s chart assessments, not confirmed future prices. EconoTimes previously covered FXStreet’s identification of $50 as a silver technical level.
In a statement released at 2 p.m. ET, the Federal Open Market Committee said it would maintain its federal funds target range at 3.75% to 4.00%. The statement was approved on a 10-2 vote. Federal Reserve Governor Lisa D. Cook and Cleveland Fed President Beth M. Hammack dissented in favor of a 0.25-percentage-point increase. The committee said, “Inflation remains elevated.”
Reuters linked broader pressure on bullion to higher oil prices, inflation concerns and expectations that interest rates could stay higher for longer. Its report did not establish those factors as the cause of silver’s specific decline.
U.S. Personal Consumption Expenditures data are due Thursday, Oct. 29, Reuters reported. The Fed’s next scheduled meeting is Dec. 8-9.
