Silver on track for weekly profit as dollar weakens

‏Silver prices fell in European trade on Friday for the first time in three days off two-month highs scaled earlier in Asian trade amid profit-taking.

The White metal is heading for a fresh weekly profit, the third in a row and the largest in four months as dollar tumbles.

Silver Prices Today

Silver prices fell 0.75% to $24.68 an ounce, with the highest since May 11 at $24.90, after rising 3.1% on Thursday, the second profit in a row as dollar tumbles.

Weekly Trading 

Silver prices are up 7% so far this week, on track for the third weekly profit in a row, and the largest weekly profit since March.

The Dollar

The dollar index fell to 15-month lows on Friday at 99.58, before gaining some ground, while heading for the largest weekly loss this year.

Dollar was hurt heavily after recent US consumer prices data showed inflationary pressures have reduced considerably.

Such data bolstered expectations that the July Fed rate hike will likely be the last one this year.

US Rates

Markets are fully pricing in a US Fed interest rate hike at the July meeting but no more this year.