Silver tumbles to five-week low on profit-taking

Silver prices kept falling on Wednesday for the third straight session to a five-week low on ongoing profit-taking as the dollar rose alongside expectations for a Fed rate hike next week.
 
Silver last traded at $17.23 an ounce, down from the opening of $17.47, with an intraday high at $17.53, and a low at $17.21.
 
Silver's current drop comes on profit-taking that started last week, as analysts expect the Federal Reserve to increase interest rates, leading to liquidity moving from commodities to banks.
 
On the other hand, the dollar kept rising against a basket of currencies after private sector jobs data that bested expectations by a wide margin, heaping pressure on the white metal and keeping it on track for a second weekly loss.
 
The dollar index, tracking the greenback against an array of six major counterparts, rose to 102.10 from the opening of 101.77, with a session-high at 102.16, and a low at 101.69.