Silver declines 0.2% on Fed rate hike prospects

Silver prices dipped away from seven-week highs hit in the previous session. 

Silver is down 0.2% in intraday trading today to $16.83 an ounce, after hitting a seven-week high yesterday at $16.95. 

Silver backed off recent highs as risk appetite grew in the market and commodity demand, especially on safe havens, declined as the dollar gained ground. 

Optimism surged after the US-North Korea summit, which buoyed the dollar but weighed on gold and silver. 

Investors await the crucial Federal Reserve's policy decisions, expected to conclude in an interest rate hike to just below 2%.