Silver prices back off three-month high

Economies.com
2017-02-13 18:14PM UTC

Silver prices fell on Monday away from a three-month high on profit-taking as gold prices decline as well while the dollar advances against a basket of currencies, hurting commodities.
 
Silver last traded at $17.85 an ounce, down from the opening of $17.92, with a session-high at $17.99, and a low at $17.73.
 
Silver drop's today could be attributed to profit-taking after six straight weeks of gains, and after prices hit a technical resistance at $18, triggering sell orders as traders collect profits.
 
On a related note, gold prices kept falling since the end of last week after U.S. president Trump announced his intention to reveal a "phenomenal" corporate tax plan soon, while the dollar rose to a three-week high against main rivals, hurting silver according to their inverse relation.
 
The dollar index, tracking the greenback against a basket of major rivals, inched up to 101.00 from the opening of 100.97, with a session-high at 101.11, and a low at 100.57, with the index setting a three-week high.

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