Silver prices appeared at different levels in two FXStreet updates Friday, with the later report showing $54.02 an ounce after an earlier reading near $54.50, as oil costs and the Federal Reserve’s next policy meeting shaped the market outlook.
At 2:05 a.m. ET (06:05 UTC) on Oct. 23, FXStreet placed silver near $54.50 per troy ounce after reporting an intraday low of $53.46. The outlet described that low as the year-to-date low.
A separate update at 5:30 a.m. ET (09:30 UTC) showed silver at $54.02. FXStreet reported a 1.07% drop against its own Thursday reference price of $54.61. Earlier Thursday coverage used different snapshots: Reuters’ spot quote was $54.84, while FXStreet cited $54.85 in a separate update. EconoTimes covered Thursday’s silver decline.
FXStreet said West Texas Intermediate crude rose 1.5% to above $100 a barrel in its early update, citing supply risks. The outlet argued that more expensive oil might revive inflation concerns and lead markets to anticipate tighter monetary policy, which could weigh on silver because the metal pays no yield.
A technical section in FXStreet’s report used a separate silver reading of $54.29, below its 20-day exponential moving average of $58.77. It also put the 14-day relative strength index near 32 and described the near-term bias as bearish. FXStreet disclosed that the technical analysis was prepared with AI assistance.
At its Sept. 16 meeting, the Federal Reserve raised its benchmark rate range by a quarter-point to 3.75%-4.00%. The Federal Open Market Committee said, “Inflation remains elevated.” The Fed’s calendar schedules its next two-day meeting for Oct. 27-28, with a policy decision due when it concludes on Oct. 28.
