Silver closes higher on US rate cut bets

Silver prices rose during trading today, taking advantage of the dollar's decline against most major currencies, as well as widespread speculations that the US Fed will cut interest rates soon.

Federal Reserve Chairman Jerome Powell told the House of Representatives Financial Services Committee on Monday that there are risks to the economy stemming from trade tensions and slowing global economic growth.

The comments were seen as a clear signal that the central bank is moving towards a rate cut soon.

Powell will testify before the US Senate tomorrow to complete his forecast on the performance of the economy.

In another context, by 19:09 GMT, the dollar index (against a number of major currencies) fell by 0.4% to 97.1 points, reaching a high of 97.5 points and a low of 97.06 points.

At the end of the session, silver futures (September delivery) rose 0.5% to close at $15,226 per ounce, the white metal hit a high of $15.315 and a low of $15.07.