Silver Settled Up 0.39% At 37150 Boosted By Short Covering And As Comments - Dollar Advisory | Best Commodity Tips Provider

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Tuesday 28 August 2018

Silver Settled Up 0.39% At 37150 Boosted By Short Covering And As Comments

Silver settled up 0.39% at 37150 boosted by short-covering and as comments from the head of Fed signalling a gradual approach to interest rate hikes weighed on dollar. 

Fed chairman Jerome Powell’s remarks did not change market expectations for further monetary tightening despite opposition from President Donald Trump. 

But the market interpreted Powell’s speech as dovish after he said a gradual approach to raising rates remained appropriate to protect the U.S. economy, keep job growth strong and inflation under control. 

The German second-quarter GDP came in at 0.5%. It met market expectations and remained unchanged from the previous quarter.

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