Silver prices fell on Monday, as precious metals tumbled in sell-off, despite renewed trade concerns over the US-China trade talks and a drop in the US dollar.

US President Donald Trump said that the US was ready to increase the tariffs on imports from China if no trade deal is reached.

Trump also said that Beijing still wants a trade deal, adding "we'll see what happens in the coming period".

The US president stated that he intends to impose tariffs on steel imports from Brazil and Argentina due to the two countries manipulation of their currencies' exchange rate.

Otherwise, the dollar index fell against a basket of currencies by 0.4% to 97.8 points as of 20:36 GMT, and hit an intraday high of 98.3 and a low of 97.8.

Silver March futures lost 0.8% and closed at $16.966 an ounce, with a high of $17.10 and a low of $16.895.

Gold prices fell on the first session of December,, despite a drop in the US dollar and renewed trade concerns over the US-China trade talks.

US President Donald Trump said that the US was ready to increase the tariffs on imports from China if no trade deal is reached, adding that Beijing still wants a trade deal

Trump also said that there's hurdles in the way of the trade talks, especially after he signed the Hong Kong bill to support protesters, which doesn’t make the trade talks with China "better."

Otherwise, the dollar index fell against a basket of currencies by 0.4% to 97.8 points as of 19:49 GMT, and hit an intraday high of 98.3 and a low of 97.8.

God futures for February delivery fell by 0.2% and settled at $1,469.20 an ounce, with a high of $1,471.7 and a low of $1,459.8.

Oil prices rose today the next OPEC meeting this week, but gains were capped due to renewed concerns about trade talks between the US and China.

Trump said the signing of the Hong Kong bill to support protesters doesn’t make the trade talks with China "better."

The US Commerce Secretary in Washington stated the Trump administration might impose tariffs hike against China if no trade agreement was reached.

An agreement between OPEC delegates and independent allied producer is expected this week, during the next meeting in Vienna to discuss the output cut agreement, amid expectations of a deepning cut.

As for trading, West Texas Intermediate rose 1.6% to $56.07 a barrel as of 17:44 GMT, and hit an intraday high of $56.6 and a low of $55.4.

Brent rose 1.2% to $61.2 a barrel, with a high of $62.09 and a low of $60.7.

The US dollar fell against most of major currencies during trading hours on Monday, after President Donald Trump's remarks reignited investors' concerns over the trade talks.

Trump said that the US was ready to restore the tariffs on imports from China if no trade deal is reached, and Beijing still wants a trade deal, adding "we'll see what happens in the coming period".

Trump said the bill signing to support protesters in Hong Kong doesn’t make the trade talks with China "better."

The US president emphasized that he decided to impose tariffs on steel imports from Brazil and Argentina.

Trump attributed the decision to Brazil and Argentina manipulation of their currencies' exchange rate, real and peso, against the US dollar.

The dollar index rose against a basket of currencies by 0.4% to 97.8 points as of 19:19 GMT, and hit an intraday high of 98.3 and a low of 97.8.