Silver closes 3% lower, but scores nearly 14% weekly gain

Silver prices fell on Friday, as the US dollar fell against most of its counterparts, in addition to the release of a strong jobs report in the US.

The US Labor Department released its reading for the non-farm employment change index, as the economy has added around 1.8 million jobs in July, higher than forecasts of 1.530 million, and the unemployment rate fell to 10.2% vs. 11.1%.

The dollar index rose against a basket of currencies by 0.7% to 93.4 points as of 20:04 GMT, after it hit a high of 93.4 and a low of 92.7.

Silver September futures fell 3% or 86 cents, to close at $27,540 an ounce, but posted 13.7% gains this week, after hitting a day high of $29.915, and a low of $27.43.

Silver and gold prices have jumped together recently and saw strong gains amid the coronavirus crisis.