Silver heads for second straight weekly loss

Silver prices rose on Friday, within recovery from a 5-week low, after yesterday's sharp loss, but remain on track for the second straight weekly loss, after the US dollar's rally this week and due to worries over China's demand.

Silver prices rose more than 0.9% to $23.13 an ounce, after opening at $22.91, and hit a high of $22.81.

Silver closed lower by 4% yesterday, the second straight daily loss, and hit a 5-week low at $22.59 on strong economic data in the US.

 Silver prices have lost 2.5% so far this week, to head for the second straight weekly loss, due to the US dollar's rally this week and worries over China's demand.

The US dollar jumped to its 3-week high against a basket of currencies on Thursday, after strong retail sales data bolstered the case for a reduction in US bonds purchases before the year's end in a step that aims at raising US interest rates. 

Data showed that Chinese retail sales fell to the lowest level in a year in August, which sparked concerns about the world's second largest economy and the largest consumer of metals and commodities.