Silver prices drop as dollar rebounds

Silver prices fell on Tuesday after the dollar surged versus a basket of currencies, heaping pressure on the white metal and triggering profit-taking operations after silver hit several highs recently.
 
Silver last traded at $18.02 an ounce, down from the opening of $18.05, with a session-high at $18.08, and a low at $17.81.
 
Silver's current drop comes as the dollar climbs against a basket of main rivals, raising pressure on the greenback-denominated white metal futures according to their inverse relation.
 
Traders started closing their positions on silver to take profits after seven consecutive weeks of gains, paving the ways for a due correction that might start in earnest after the release of the Fed's meeting minutes later this week. 
 
The dollar index, measuring the greenback against an array of six major counterparts, rose to 101.36 from the opening of 100.94, with an intraday low at 100.91, and a high at 101.60.