Silver closes higher, shrugs off firm dollar

Silver prices rose on Tuesday, to recoup some of the previous losses, despite the US dollar's rally against most of its counterparts, and gold's drop.

Federal Reserve Chairman Jerome Powell said in a hearing before the US House that the Congress should pump extra stimulus to small firms to help ease the coronavirus impact.

This comes amid the lack of agreement between Republicans and Democrats in Congress on the second Covid-19 relief package.

The dollar index rose against a basket of currencies by 0.3% to 93.9 points as of 22:18 GMT, after it hit a high of 94.08 and a low of 93.4.

Silver December futures rose 0.6% or 14 cents, to close at $24,523 an ounce, after hitting today's high at $25.3 and the low at $23.9.