Silver extends losses after dollar's recovery

Silver prices widened their losses on Wednesday, hitting a five-week trough as the dollar rebounded against a basket of currencies amid optimism about tax reform. 

Silver last traded at $17.40 an ounce, down from the opening of $17.56, with an intraday high at $17.63, and a low at $17.38. 

Silver's decline comes after the dollar rebounded from a five-month low against a basket of currencies after U.S. treasury secretary's statements about aggressive tax reform. 

In addition, optimism spread since the first round results of French elections, hurting safe havens and buoying stocks and riskier assets. 

Silver's decline comes on profit-taking as well for the second week in a row, after prices set five-month highs.