Silver retreat for the second day in a row recording its lowest level in seven weeks

Silver prices fell during the European market on Monday, extending losses for the second day in a row, marking the lowest level in seven weeks, due to the strong forecasts for the onset of the US Federal Reserve to raise US interest rates during one of the next two meetings in June or July.

By 11:45 GMT silver traded around $ 16.03 per ounce after the opening of trading today at $ 16.20, and recorded the highest level of $ 16.21and the lowest level of $ 15.89 the lowest since 14 last April.

Silver prices lost on Friday 0.8 percent after Janet's comments the 'president of the Federal Reserve, and over the the whole of the last week lost price ratio of 1.9 percent in the fourth weekly loss in a row by widespread buying US currency and receding demand for precious metals as a safe haven asset.

Janet Yellen on Friday at Harvard University, said that it is appropriate to raise interest rates over the next few months in light of improved US economic growth, in an optimistic different tone for the president of the Federal Reserve issued statements following the recent meetings of the Bank.

Last week, traders increased the stakes of raising US interest rates at 14 to 15 next June meeting rose to 34 percent from 32 percent the previous week, and in the July meeting to 54 percent from 47 percent.

Data released on Friday in Washington showed US economic growth rate of 0.8 percent, the second reading of GDP first quarter, according to the average expectations of experts, to exceed the initial reading, which recorded a growth rate of 0.5 percent.