Spot Silver hovered above a 3-week low of $36.79 on Thursday, after the Federal Reserve left interest rates on hold and provided little indication of when borrowing costs might be reduced.
The Fed kept its federal funds rate target range without change at 4.25%-4.50% at its July meeting, in line with market consensus.
Yet, two governors dissented in favor of a rate cut, which has been the first such dual dissent since 1993.
The Fed continued its wait-and-see approach amid concerns that the ongoing trade war could undermine progress toward the 2% inflation objective.
Fed Chair Jerome Powell said the central bank had not decided about September, when many were expecting the first rate cut of the year to occur.
Powell also noted that “downside risks to labor market are certainly apparent.”
Markets are now pricing in 35 basis points of rate cuts by year-end.
Meanwhile, market players also digested stronger-than-expected US GDP growth and private payrolls growth data.
Spot Silver was last down 0.53% on the day to trade at $36.92 per troy ounce.
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