March silver futures climbed 18 cents, or 1.1%, to $17.16 a troy ounce at 7:24 am ET. The futures price fell by a similar amount on Tuesday.
Silver has recovered more than 4% since the end of November, where prices were seen hovering near six-month lows.
Gold for February settlement rose $5.10, or 0.4%, to $1,164.10 a troy ounce. Bullion on Tuesday settled at its lowest level since early February as the market braced for the Federal Reserve to raise interest rates for the first time this year. Federal Fund futures prices imply a 91% likelihood of liftoff on Wednesday, according to the CME Group.
The Federal Open Market Committee (FOMC) concludes its December policy meeting later in the day, with the official rate statement scheduled for release at 2:00 pm. The decision will be accompanied by a revised summary of economic projections covering gross domestic product (GDP), unemployment and inflation. Policymakers’ view on the future direction of interest rates will also be captured in the “dot plot” summary.
The US dollar held lower in the early hours, falling 0.2% against a basket of other major currencies.
Equity markets in Europe were trading lower following a return to 11-month highs in the previous session. US stock futures were little changed in pre-market activity after soaring to fresh records on Tuesday.