Silver jumps to 2-week high as copper rises

Silver rose in the European market on Monday to a two-week high, extending gains for the second day in a row, supported by the rise in copper prices in the global market after Chinese data, and the weak performance of US dollar against a basket of currencies.

As of 11:55 GMT, Silver prices rose 0.6% to $15.30 per ounce from the opening level of $15.21 and recorded the highest at $15.34 (since July 3) and the lowest at $ 15.15.

Silver prices rose 0.5% on Friday, as most of the precious metals denominated in US dollars rose.

Over the past week, the white metal gained 1.4%, its first weekly gain in three weeks, after Federal Reserve Chairman Jerome Powell's testimony before the Congress that boosted US interest rate cuts prospects this month.

Copper rose more than 1% on Monday, extending for the second day in a row, hitting a two-week high, leading to the rise of most industrial metals, on strong industrial production data in China, "the world's largest metal consumer."

China's industrial production grew by 6.3% in June, exceeding experts' expectations of 5.2% growth, and better than the previous reading of 5% growth.

The dollar index fell 0.1% on Monday, extending losses for the fourth day in a row, reflecting the continued weak performance of the US currency against a basket of major and minor currencies, which is in favor of the prices of metals and commodities denominated in US dollars.