Silver falls despite falling dollar

Silver prices fell on Tuesday, despite the US dollar's drop against its rivals, amid focus on the Federal Reserve Chairman' statements.

Federal Reserve Chief Jerome Powell hinted in his testimony before the US Congress today that the Fed will adopt a patient approach and stick to its monetary policy for a while before raising interest rates.

Powell also stated that the Fed has to wait taking any step in response to the recent positive economic data.

He added that the rise in inflation is due to the increase in the prices of used cars, airplane tickets, and hotel rooms, and will likely prove temporary.

The Federal Reserve decided last week to hold the interest rate near zero, and forecast 2 interest rate hikes in 2023, and raised its forecast for US GDP growth this year to 7%.

The dollar index fell against a basket of major currencies by 0.2% to 91.7 points as of 20:19 GMT, after hitting a high of 92.1 points and a low of 91.7 points.

Silver spot futures fell 0.8% to $25.8 an ounce as of 20:19 GMT, after hitting a day high of $26.1 and a low of $25.7.