Silver resumes gains on weaker dollar

Silver prices rose in Europe on Friday, resuming gains, which were temporarily halted yesterday, to head for the first weekly gain in three weeks, based on a weak US dollar performance against a basket of currencies following Federal Reserve Chairman Jerome Powell's recent comments before the US Congress.

As of 11:45 GMT, silver prices rose by 0.3% to $15.13 per ounce, from the opening of $15.09, and recorded a high of $15.17, and a low of $15.09.

Silver prices lost 0.9% on Thursday, the first loss in four days, after positive data on the pace of inflation in the United States.

Over the course of the week, the white metal rose more than 1%, heading for the first weekly gain in the last three weeks, based on weak performance of US dollar against a basket of currencies.

The dollar index fell by 0.2% on Friday, extending losses for the third day in a row, reflecting the weak performance of the US currency against a basket of major and minor currencies, following recent comments by the Federal Reserve Chairman.

Powell pointed to the weakness of the global economy and its negative impact on the outlook for the US economy, as well as uncertainty about the implications of the US trade disputes with China and other countries.

Powell said that the US central bank will act as needed to maintain economic expansion and gains and that mounting risks weighed on economic expectations.