Silver rises, but firm dollar curbs gains

Silver prices rose on Monday, resuming gains after pausing on Friday due to profit-taking, while today the demand for safe havens increased, but the rising US dollar is curbing gains.

Silver prices rose 1.2% to $25.76 an ounce, after opening at $25.46, and hit a low of $25.39.

Silver lost 1.6% on Friday, its first loss in 5 days on profit-taking from its 2-week high of $26.04 an ounce.

In terms of last week’s transactions, silver prices achieved a rise of nearly 3%, in the first weekly gain in the last three weeks, and the first weekly gain in the new year 2021, thanks to the drop in the US dollar levels.

Silver gained about 3% last week, the first weekly gain in 3 weeks and in 2021, thanks to a drop in the US dollar.

This week most investors focused on safe havens, especially gold and silver due to concerns over the global economy and rising coronavirus cases in most parts of the world.

The dollar index rose more than 0.1% today, extending its gains for the second straight day, which weighs down on the prices of dollar-denominated metals.