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Silver climbs off five-week low
Silver capitalized on the current wavering of the markets to rise on Tuesday away from a five-week low hit yesterday, even as the dollar keeps rising against main currencies.
Silver last traded at $17.05 an ounce, up from the opening of $16.94, with an intraday high at $17.12, and a low at $16.80.
Silver fell yesterday to a five-week low at $16.61 before recovering anew today, as gold prices rebounded as well today.
On the other hand, the dollar rose today to an 11-month peak, which would've normally hurt silver prices according to their inverse relation, but short-covering took hold and offset the negative effect of the dollar.
Expectations mounted of an impending rate hike by the Federal Reserve in December, specially following bullish comments by Fed member Stanley Fischer, which keeps the pressure on silver.
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