Silver falls to 2-week low on rising dollar

Silver prices fell on Monday, to head for the third straight loss, and hit a 2-week low as the US dollar rose against its peers.

Silver prices fell 0.5% to the lowest since November 10 at $24.50, after opening at $24.61, and hit a day high at $24.88.

Silver closed lower by 0.7% on Friday, posting its second straight daily loss as most dollar-denominated metals prices fell.

Silver prices lost around 2.75% last week, the first weekly loss in 3 weeks, due to profit-taking from a 3-month high of $25.38 an ounce.

The dollar index rose more than 0.1% on Monday, extending gains for the second straight day, and hit a 16-week high at 96.24 points.

The greenback is rising thanks to growing odds that the Federal Reserve is near raising US interest rates, in addition to strong demand due to fears over the coronavirus outbreak in Europe again.