Silver prices get hammered as dollar stings

Silver prices took a big hit on Wednesday as dollar engaged in volatile trading against its peers, which contributed to the instability in silver prices. Additionally, they lost their safe-haven appeal after a surge in financial markets today. 

Silver last traded at $15.21 an ounce, down from the previous close of $15.44, with an intraday high at $15.28, and a low at $15.05. Silver hit a three-month high earlier in the week at $15.44. 

Instability in silver prices came as dollar moved up and down, scoring gains after Fed chief Janet Yellen's testimony ahead of Congress, before reversing downward in U.S. trading. 

The dollar index, which measures the U.S. unit against a basket of rivals, last traded at 96.09, up from the opening level of 96.05, with an intraday high at 96.73, and a low at 95.84. The index hit a four-month low yesterday at 95.84. 

On the other hand, stability returned to the financial markets, with global stocks scaling higher, along with government bond yields which hit record lows in Europe earlier.