Silver (XAG/USD) prices traded below $29 per troy ounce on Tuesday (12/31), this is the lowest level since September, amid an aggressive Fed outlook and uncertain demand for silver's industrial utilities.
Inflation concerns prompted the FOMC to project fewer interest rate cuts for the coming year, prompting the market to cut its exposure to non-yielding bullion assets.
While previous rate cuts by the Fed supported bullion enough to lift silver prices by 23% this year, pessimistic demand for silver as an industrial input has pushed the metal to perform far below gold in the period.
Silver prices started the early Asian trading session this morning at the level of $28.9 per troy ounce.
Source: Newsmaker
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