Silver continues to fall on strong dollar

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.