Silver resumes decline after failing to recover yesterday

Silver prices returned lower in Asian trade on Thursday after failing to hold on to their gains yesterday, relinquishing most of them following the Federal Reserve's meeting minutes, which underpinned the dollar. 

The Fed reiterated the path of gradual policy tightening as growth, inflation outlook improve, raising chances of multiple US rate hikes this year and underpinning the US dollar against rivals. 

As the dollar rises, dollar-denominated commodity futures such as silver lose ground for they become more expensive to holders of other currencies.

Asian and US stocks dipped as well on expectations of Fed's rate hikes, however silver failed to benefit from their decline as a traditional safe haven, as investors shun commodities. 

Silver edged down to $16.45 an ounce from the opening of $16.48, with a session-high at $16.52, and a low at $16.42.