Silver closes lower as dollar rises amid geopolitical concerns

Silver prices fell during the day, pressured by the dollar rally against most of the major currencies amid the of investors aversion to precious metals with higher demand levels on the US currency and stock markets.

By 18:45 GMT, the dollar index (against a number of major currencies) rose by 0.4% to 97.6 points, reaching a high of 97.7 points and a low of 97.2 points.

The US currency has been pressuring metals today as geopolitical concerns dominated markets following Washington's decision to stop waivers for Iranian oil importers.

Meanwhile, the markets are focusing on trade developments between the US on one hand with China and the European Union on the other.

At the close of trading, silver prices fell 1.2% to close at $14.791 an ounce, as the metal hit a day high of $14.995 and a low of $14.7.