Silver regains ground, closes nearly 7% higher

Silver prices rose on Thursday, as the US dollar fell against most currencies, amid focus on the latest developments in the ongoing talks about the second US stimulus package.

The US Department of Labor revealed today that the unemployment claims fell to 963,000 during the past week, beating forecasts of 1.120 million.

The dollar index fell against a basket of currencies by 0.1% to 93.3 points as of 20:05 GMT, after it hit a high of 93.3 and a low of 92.9.

The Democratic and Republican parties in US Congress have not agreed yet on the relief package aimed at supporting the coronavirus-ravaged economy, but have not agreed yet.

Silver September futures rose 6.7% or $1.74, to close at $27.718 an ounce, the largest gain in percentage since July 27, after hitting a day high of $27.855 and a low of $25.355.