Silver jumps nearly 5%, closes above $15 mark

Silver futures surged on Monday, shrugging off the US dollar rise against most of its major peers.

Silver was lifted by strong safe-haven demand amid a bleak outlook for the US economy due to the coronavirus pandemic.

The former Chair of the Federal Reserve, Janet Yellen, estimated that the US GDP will contract by 30% during the second quarter of this year, and added that the current US unemployment rate is by 12% or 13%.

The dollar index rose by 0.1% to 100.6 points as of 19:01 GMT, after it hit a high of 100.9 and a low of 100.4.

Silver futures (due May) rose 4.7% to close at $15.169 an ounce, with a day high of $15.32 and a low of $14.355, after posting a 0.3% loss last week.