Silver rises for second straight day on falling dollar

Silver prices rose on Monday, to extend for the second straight day, as the US dollar fell against a basket of major currencies, while demand from Singapore and Japan increased.

Silver prices rose 1.1% to $27.67 an ounce, after opening at $27.37, and hit a low of $27.35.

Silver closed higher by 1.1% on Friday, to post the first daily gain in 4, as the prices of most dollar-denominated metals rose.

Silver prices gained around 1.6% last week, in the third weekly gain in a month, as the US dollar fell.

The dollar index fell 0.2% today, and slumped near a 2-week low, which lifts the prices of dollar-denominated metals.

The greenback fell due to slowing demand and hopes over the US economic recovery from the pandemic during this year thanks to the massive stimulus measures.

Silver prices is also lifted by improved demand, especially in Singapore and Japan, and rising demand activity in India due to the volatility in gold prices.