Silver fell on Wednesday in the face of technical selling and stronger than expected US economic data that increased expectations of further interest rate hikes this year, supporting the dollar in the process. The dollar reversed from a four-month low against a basket of major currencies on Wednesday as solid data boosted expectations for more rate increases this year.
Reinforcing those expectations was the US CB Consumer Confidence index, which hit 125.6 in March, handily surpassing projections of a reading of 114.0. The March reading marked the highest level the index has reached since December of 2000. Silver was also hurt by comments from US Federal Reserve Vice Chairman Stanley Fischer who stated that two more increases in the US overnight interest rate during 2017 seemed just "about right." Silver is currently perched just above the $18.070-mark.
Silver Prices Under Pressure
Daily Analysis - 29/03/2017