Fed Rate Hike Weighs on Silver as Dollar Surges Past 100

The Federal Reserve raised its federal funds target range by 25 basis points to 3.75%-4.00% in a unanimous decision, citing solid economic activity and resilient domestic spending.

However, this hike is expected to have a negative impact on Silver prices as higher interest rates typically make the metal less appealing due to its yieldless nature.

The US Dollar Index (DXY) has surpassed the 100.00 mark, and the benchmark 10-year US Treasury yield has rebounded towards 5.00%, further weighing on Silver.