20th March 2014
Silver has fallen to a five-week low in commodities trading markets today (March 20th), after comments from Federal Reserve chair Janet Yellen.
Following the latest gathering of policymakers, the central bank cut its quantitative easing programme by a further $10 billion to $55 billion per month.
Ms Yellen chaired the two-day meeting for the first time since succeeding Ben Bernanke as chief of the bank and used the subsequent news conference to indicate the Fed will look to lift interest rates around six months after it stops the monthly asset purchases.
In doing so, Ms Yellen removed the forward guidance link to the US unemployment level - a move that was widely anticipated. The bank will instead assess a wider range of information.
Silver for May delivery dropped to a low of $20.25 per ounce on the Comex division of the New York Mercantile Exchange in early European trading, down by more than 2.5 per cent for the session.
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