Also influencing the value of the volatile metal is Greece's navigation through the sovereign debt crisis plaguing the euro zone. The Greek prime minister survived a no-confidence vote late Tuesday, and now must secure bailout funding by applying cost- and budget-cutting measures in the nation he leads, MarketWatch reports. Silver futures were following gold futures' path.
"Safe-haven investor demand as the Greek debt crisis continues to play out is limiting the downside in gold and silver," according to Kitco News. "However, focus for the moment has turned to the Wednesday afternoon conclusion of the Federal Open Market Committee meeting and Fed Chairman Bernanke’s press conference following the meeting."
At 9:22 a.m. on Wednesday, silver futures climbed 0.31 percent, a 0.111 cent increase to $36.49 per troy ounce.
The second phase of the U.S. central bank's attempt to spur the economy comes to a close at the end of the month. Speculation is mounting as to whether a third phase will ensue.
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