Silver falls more than 1% as dollar rises

Silver prices fell on Tuesday, as the US dollar rallied against most of its counterparts.

US stock and bond markets in Wall Street were closed yesterday, in observance of the Labor Day holiday.

Goldman Sachs slashed its US economic growth forecast in 2021 to 5.7% due to concerns over the delta variant and the possibility of anther lockdown restrictions.

Efforts to contain the coronavirus pandemic are continuing around the world, especially after the new highly transmissible delta strain emerged, which the World Health Organization has warned of.

The dollar index rose against a basket of major currencies by 0.5% to 92.4 points as of 20:08 GMT, after hitting a high of 92.5 points and a low of 92.1 points.

As of 20:08 GMT, silver spot prices fell 1.7% to $24.38 an ounce, after hitting a high of $24.89 and a low of $24.21.