Silver falls near 1-week low on dollar strength

Silver prices fell on Friday, to head for the second straight daily loss, near a 1-week low, while on track for a weekly loss as the US dollar rose against its peers.

Silver prices fell 0.3% to $24.72 an ounce, after opening at $24.79, and hit a day high at $24.93.

Silver closed lower by 1.1% yesterday, posting its third loss in 4 days, and hit a 1-week low at $24.67.

Silver prices lost 2.3% so far this week, to head for the first loss in 3 weeks, due to the US dollar strength.

The dollar index rose about 0.3% today, resuming its rally after taking a 2-day pause, due to profit taking from the 16-month high of 96.24 points.

The US dollar is rising thanks to growing chances that the Federal Reserve will start raising interest rates soon due to mounting inflationary pressures and successive data on the US economic growth.

Silver prices are also being weighed down by profit-taking activity from the 3-month high of $25.40 hit earlier in the week.