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Silver jumps to 2-week peek on weaker dollar
Silver prices surged to a 2-week high during the European session on Monday, to continue its uptrend for the third straight day, buoyed by weaker US dollar.
Silver jumped 1.3% to $17.78 an ounce (highest since October 10), after opening at $17.55, with a session-low of $17.50.
On Friday, the white metal gained 0.1%, marking its second daily gain in a row, lifted by a retreat in the US dollar.
While the dollar index fell by more than 0.1% today, to deepen its losses for the fifth straight day, on the cusp of touching its 2-month trough at 97.14 points, to reflect the continued downside of the greenback against a basket of global currencies.
During the last week, US dollar slumped sharply due to the sting market sentiment in Europe, after positive Brexit progress, which sparked investor demand on Euro and the British pound against the greenback.
Bearing in mind that the US dollar drop favors the dollar-dominated metals and commodities, making them cheaper to other currencies holders.
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