Silver falls to 1-week low on stronger dollar

Silver fell in the European market today to its lowest price in one week, as dollar rose in addition to most the global stock markets rebounding.

As of 12:20 GMT, silver fell more than 1.3% to $16.90 an ounce, from the opening of $17.13, with a high of $17.15, and a low of $16.85.

Silver closed lower by 0.9% on Friday, its first loss in three days, with most metals denominated in US dollars falling, while notching a weekly gain of 0.8%, its second weekly gain in a row, on increased haven demand.

US dollar rose by 0.1% today, rising for the fifth day in a row, near 2-week high at 98.34 points, to reflect a strong performance against a basket of currencies, which comes due to improved risk appetite in addition to most the global stock markets rebounding.

The risk appetite improvement comes as a result to the People's Bank announcement of an interest rate reform to stimulate the economy, in addition to the German readiness to stimulate the economy in the face of any possible recession, amid market's bets for the US Department of Commerce to provide a new exemption to Huawei to allow it to buy supplies from US companies.