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Silver dips for second day to near two-week low
Silver fell on Wednesday for the second straight session to near a two-week low hit yesterday, as the dollar rebounds to near a three-week high against a basket of major rivals.
Silver's decline comes amid higher expectations of four rate hikes this year by the Federal Reserve after Jerome Powell's Congress testimony.
Fed Chair Jerome Powell indicated that the Fed will carry on its policy tightening path and gradual rate hikes, as labor conditions and wages improve and underpin inflation.
10-year US bond yields rebounded from week lows on rate hike forecasts, heaving additional pressure on gold as investments move to the bonds market.
Silver prices barely inched down to $16.39 an ounce from the opening of $16.40, with a session-high at $16.43, and a low at $16.37.
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