Silver falls near 2-week low as dollar rises

Silver prices fell to the European market on Tuesday, resuming its losses, which were temporarily halted yesterday, approaching the lowest level in two weeks again, amid the rise of the US dollar against a basket of world currencies, in addition to falling copper prices.

As of 10:05 GMT, silver prices fell by 0.3% to $14.97 per ounce from the opening level of $15.02 and recorded the highest at $15.08 and the lowest at $14.93.

Yesterday, silver gained 0.3%, the first gain in the last three days, rebounding from a two-week low of $14.88 per ounce.

The dollar index rose more than 0.2% on Tuesday, extending its gains for the third day in a row, reaching a three-week high of 97.59 points, reflecting the continued strong performance of the US dollar against a basket of currencies, which puts pressure on silver and other metals denominated in the US currency.

The rally comes ahead of US Fed Chairman Jerome Powell's remarks by 12:45 GMT, which will provide new evidence on the future of US interest rates this year.

Copper prices fell more than 1.2%, continuing their losses for the third day in a row, hitting a three-week low, leading to the decline of most industrial metals, amid concerns about weak actual demand levels in China.