Silver prices fell on Tuesday, deepening losses for the second day in a row, as the US dollar rose against its peers, amid growing odds of the near monetary policy tightening in the US.

Silver prices fell 0.8% to $22.69 an ounce, after opening at $22.88, and hit a day high at $23.02.

Silver closed lower by 1.8% yesterday, the largest daily loss since December 9, due to rising US dollar.

Silver prices lost about 12% during 2021, the first annual loss in 3 years, and the largest loss since 2014.

This annual loss came due to the US dollar's rally, and concerns about actual demand in China.

The dollar index rose 0.1% today, which lowers demand for dollar-denominated metals and commodities prices.

This US dollar is being lifted by growing odds of the near monetary policy tightening in the US, with at least 3 expected interest rate hikes starting next May.

European stocks rose on Tuesday, extending gains for the second straight day, and hit new record highs, a blazing start of the new year thanks to positive momentum in most global stock markets, led by Wall Street.

The Stoxx Europe 600 index rose over 0.9% as of 11:45 GMT, and hit the all-time high at 494.55 points, after closing higher by 0.4% yesterday, and posted a record high at 491.43 points.

The travel sector saw the largest gains in Europe today, with a rise of over 3.5%, as concerns about the Omicron variant eased.

Sentiment in the global markets is improved, especially after a study on cases infected with the omicron variant suggests lower risk of hospitalization and severe disease compared to the delta variant.

This positive momentum is thanks to upbeat outlook for major banks and companies to nail record profits during the new year, as the pace of global economic growth is expected to accelerate, led by the US economy.

S&P 500 futures rose 0.4% today ahead of Wall Street's opening, and hit an all-time high, after the index closed higher by 0.6% yesterday.

Back to Europe, the Euro Stoxx 50 index rose 1%, France's CAC 40 rose 1.4%, Germany's DAX rose 0.75%, and the UK's FTSE 100 rose 1.3%.

Gold prices rose on Tuesday, trying to rebound after posting the largest daily loss in a month and a half, with support above the $1800 barrier, but gold is still under pressure as the US dollar rose against its peers, and due to weak safe haven demand.

Gold prices rose 0.4% to $1,808.60, after opening at $1,801.31, and hit a day high at $1,798.31.

Gold closed lower by 1.5% yesterday, the first daily loss in 3 days, and the largest daily loss since last November 22.

This daily loss came due to profit-taking from a 6-week high at 1,831.65 points hit earlier, and rising US dollar.

The dollar index rose 0.1% today, which lowers demand for gold and dollar-denominated metal prices.

This US dollar is rebounding as odds receded for a full nationwide lockdown to limit the spread of the Omicron variant in the US, especially after several scientific studies showed lower health risks from the new variant compared to other variants such as Delta.

The US dollar is being lifted by growing odds that the Federal Reserve will raise US interest rates by 25 basis points next May, with two more hikes during the second half of this year.

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at 975.66 metric tonnes.

Oil prices rose on Tuesday, extending gains for the second straight day, ahead of OPEC-Plus monthly meeting, which is expected to result in keeping the current production policy unchanged, which shows that demand is still strong, and prices are also being lifted by positive data in China.

US crude rose 1.1% to $76.80 a barrel, after opening at $76.00, and hit a low at $75.72, and Brent crude rose 0.9% to $79.66 a barrel, after opening at $78.92, and hit a low at $78.64.

The US crude gained 0.8% yesterday, and Brent crude rose 1.3%, in the first daily gain in 4 days thanks to global demand hopes.

The meeting of OPEC-Plus Joint Ministerial Committee will launch later today, to review the global output cut agreement and to determine production levels during February.

Reuters quoted three sources in OPEC + as saying that the alliance will likely keep its plan to increase production by 400,000 barrels per day in February, unchanged since August.

Data showed China's manufacturing sector grew to 50.9 points in December from 49.9 points in November, higher than forecasts of 50.1 points, which is a positive sign of economic recovery in the world's second largest oil consumer.