Silver jumps more than 2%, adds to last week's strong gains

Silver futures rose on Monday, as the US dollar fell, in addition to attracting safe-haven demand after gold closed lower.

Federal Reserve Chairman Jerome Powell said earlier today that the central bank has enough monetary policy tools to repel the repercussions and harms of the Corona virus on the US economy.

The US Federal Reserve Chairman Jerome Powell, that the Fed has many tools to to repel the coronavirus impact.

However, Powell ruled out cutting interest rates to the negative territory, and said he expects the US economy to shrink by 30% during the second quarter this year.

The dollar index fell against a basket of currencies by 0.78% to 99.6 points as of 19:58 GMT, after it hit an intraday high of 100.4 and a low of 99.6.

Silver July futures rose 2.3% or 39.8 cents to close at $17.468 an ounce, after hitting a day high of $17.985 and a low of $17.125.