Silver falls off seven-week high

Silver prices inched down today away from seven-week highs hit yesterday, even as Asian stocks lost ground as well. 

Demand tumbled on silver after the Federal Reserve raised interest rates and hinted at more hikes this year and the next, hurting demand on non-yielding havens such as silver. 

Asian stock indices dipped today, but that failed to prop up silver as US rate hike prospects put heavy pressure on the white metal. 

Silver dipped to $16.94 an ounce from the opening of $17.02, with a session-high at $17.05, and a low at $16.93.