Silver was quoted at $53.45 per troy ounce in FXStreet's Tuesday morning update, down about 1%, with the outlet linking its weakness to dollar strength ahead of the Federal Reserve's decision.
The snapshot was taken at 7:26 a.m. ET (11:26 UTC). Investing.com's Oct. 27 daily table listed a low of $52.6690, while FXStreet said silver had recovered from around $52.67.
The U.S. Dollar Index was at 102.25, up 0.2%, in FXStreet's update. The outlet said the dollar's advance was a source of pressure for silver, which trades in U.S. currency.
The Fed's two-day meeting is scheduled to conclude Wednesday, Oct. 28. The central bank's federal funds target range is 3.75%-4.00%, following a 0.25-percentage-point increase at its Sept. 16 meeting.
A Reuters poll published Oct. 20 found that 94 of 100 economists surveyed expected no change at the October meeting, while all 100 expected a rate increase in December. FXStreet also quoted Commerzbank analysts saying market participants would look for guidance on the December outlook.
The BEA has two U.S. economic data releases scheduled for Thursday. The Bureau of Economic Analysis (BEA) is set to issue its advance estimate of third-quarter gross domestic product and its September Personal Income and Outlays report at 8:30 a.m. EDT on Oct. 29. The latter includes the Personal Consumption Expenditures price index. FXStreet identified the growth and inflation releases as indicators investors were watching in assessing the policy outlook.
