Silver falls 1.5% as dollar rises

Silver prices fell on Tuesday, as the US dollar rose against most currencies.

Concerns are growing over to the increase in inflationary pressures in many economies, which may require interest rate hikes in the next few months.

The Fed has already hinted that it would reduce its bonds and the pace of asset purchases starting in November.

The White House announced that US President Joe Biden will be focused on supply chain problems and rising energy prices during the G-20 summit.

The dollar index rose against a basket of major currencies by 0.1% to 93.9 points as of 20:02 GMT, after hitting a high of 94.02 points and a low of 93.7 points.

Silver spot prices fell 1.5% to $24.2 an ounce as of 20:02 GMT.