Silver closes above $27/ounce

Silver prices rose on Friday, as the US dollar fell against its peers, and the precious metal closed on a small weekly loss no more than a few cents.

The markets are focused on the ongoing discussions between the White House and the US Congress over President Joe Biden's $1.9 trillion Covid-19 relief plan.

The US Treasury Secretary Janet Yellen said during her interview with CNBC yesterday that the US economy could return to growth and full employment in 2022 if President Joe Biden’s $1.9 trillion coronavirus relief package is passed Congress.

The dollar index fell against a basket of major currencies by 0.3% to 90.3 points as of 21:27 GMT, after hitting a high of 90.6 points and a low of 90.1 points.

Data showed today that the US manufacturing PMI slowed to 58.5 points in January, from 59.2 points in December, beating forecasts of a drop to 58.4.

Silver March futures rose 0.7% or 18 cents, and closed at $27.254 an ounce, with today's high at $27.710 and the low at $26.105 .