Silver heaves up after yesterday's slide

Silver prices rose modestly on Tuesday after sliding last week, as the precious metal tries to capitalize on dollar's current dip against a basket of major rivals. 

Dollar inched down against main rivals, underpinning commodities and helping silver recoup some losses. 

Markets await the Federal Open Market Committee's meeting this week, expected to result in a 0.25% rate hike and signals to the future of monetary policy this year as inflation outlook changes. 

Asian stocks sharpened their decline today as risk appetite retreats in the markets, however projections of a Fed's rate hike this week prevented safe-haven silver from strong recovery. 

Silver prices inched up to $16.31 an ounce from the opening of $16.29, with a session-high at $16.33, and a low at $16.27.