Silver logs back-to-back loss

Silver futures closed lower on Wednesday, for the second straight day, despite the US dollar tilt lower against its peers and the release of mixed data.

The US government revealed that the federal budget recorded a deficit of $162.8 billion in January vs. $32.5 billion in the same period during 2020.

The US consumer price index rose 0.3% in January, which came on par with analysts' forecasts.

The dollar index fell against a basket of currencies by less than 0.1% to 90.3 points as of 20:16 GMT, after it hit a high of 90.5 points and a low of 90.2 points.

Investors are anticipating the results of the ongoing discussions between the White House and the US Congress over the $1.9 trillion Covid relief plan proposed by President Joe Biden.

Silver March futures fell 1.2% or 32 cents, and closed at $27.078 an ounce, with today’s high at $27.595, and the low at $26.880.