Silver Hits Seven-Month High

2 Dec 2022 , 04:27 PM

Silver futures are holding higher on Friday as dollar continues to break below 105 levels, approaching its lowest level in five months. Dollar has been battered heavily after Federal Reserve Chair Jerome Powell comments that the U.S. central bank is set to cut back the size of its interest rate hikes at its meeting later this month. Powell said that it was time to slow rate hikes, noting that slowing down at this point is a good way to balance the risks, The dollar index that measures the greenback against a basket of currencies is seen lower at 104.54. However, decline in equities is keeping a check on gains in the commodity. Silver currently trades at $22.88 per ounce, up 0.15% on the day and its highest level since May this year, a seven-month high. Powered by Commodity Insights