Silver closes flat as dollar rises

Silver prices held on Wednesday, as the US dollar rose against most major currencies, after the market digested the Federal Reserve’s decision and strong US data.

The US Federal Reserve held the interest rate between zero and 0.25%, and signaled that it plans to keep near zero at least until the end of 2023.

Federal Reserve Chairman Jerome Powell confirmed the bank’s ability to support the US economy to return to its growth path, adding that Fed remains committed to using full range of tools.

The dollar index rose against a basket of currencies by 0.2% to 93.2 points as of 21:37 GMT, after it hit a high of 93.2 and a low of 92.7.

The US retail sales index rose 0.6% in August, in its third straight monthly increase.

Silver December futures rose by less than 0.1% to settle at $27.476 an ounce, after hitting today's high at $27.705 and the low at $27.055.