Silver loses gains and backs off three-week high

Silver prices fell on Wednesday amid a selling wave engulfing commodities as the dollar rose against main currencies, forcing the white metal to lose the gains made yesterday.
 
Silver last traded at $16.59 an ounce, down from the opening price of $16.77, with an intraday high at $16.85, and a low at $16.50.
 
Silver's drop comes as demand falls on commodities today while the dollar rose alongside Wall Street amid optimism over the new U.S. administration's stimulus plans.
 
Additionally, the dollar rose versus main rivals, heaping pressure against silver prices according to their inverse relation with the greenback, adding to the positive impact of Trump's speech on the dollar.
 
The dollar index, measuring the greenback against an array of six major rivals, rose to 102.48 from the opening of 102.05, with an intraday high at 102.95, and a low at 101.93, after the index tumbled yesterday to 101.49 before closing higher.