Silver hits 2-week high as dollar falls

Silver prices rose on Monday, extending gains for the third day in a row and hit a 2-week high, as the US dollar fell against its peers, and amid hopes about demand in China.

Silver prices rose 0.6% to the highest since October 26 at $24.31 an ounce, after opening at $24.17, and hit a high of $24.05.

Silver closed higher by 1.5% on Friday, second straight daily gain as most dollar-denominated metals rose.

The white metal gained 1.1% last week, after cautious hints by the central banks of the US, England and Japan.

The dollar index fell 0.1% today, and pulled back from its 14-month high of 94.62 points against a basket of major rivals, which lifts demand for dollar-denominated metals.

Alongside profit-taking, the US dollar is falling due to lower chances of the Federal Reserve to start raising interest rates during the first half of 2022.