COMEX Silver futures tanked in last session and sustained losses today as well. The metal is currently down 0.59% at a three month low of $30 per ounce. It lost more than 2% yesterday. MCX Silver futures are also down 2% at Rs 88550 per kg after shedding half a percent in last session. Bullion futures melted after the US dollar index rose sharply in last session and is hovering at its best level in nearly two years in reaction to US FOMC. The Federal Reserve announced its widely expected decision to lower interest rates by another quarter point. The Fed said it decided to lower the target range for the federal funds rate by 25 basis points to 4.25 to 4.50 percent, matching the rate cut seen in early November. However, the central bank also described the economic outlook as uncertain and said the risks to both sides of its dual mandate are roughly in balance. The latest Fed projections suggest rates will be in a range of 3.75 to 4.0 percent by the end of 2025 compared to the range of 3.25 to 3.50 percent forecast in September. Assuming the Fed lowers rates by a quarter point, the projections point to just two rate cuts next year compared to the four previously forecast.

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