Silver tries to recover from 1-week low

Silver prices rose on Monday, within recovery from a 1-week low hit last week, as the US dollar fell against its peers.

Silver prices rose more than 0.5% to $23.92, after opening at $23.79, and hit a low at $23.74.

Silver closed lower by 0.75% on Friday, and hit a 1-week low of $23.65 an ounce, after strong personal consumption data in the US.

Silver prices lost 1.5% last week, the first weekly loss in a month and a half, due to corrections and profit-taking, and renewed concerns about the Chinese economy.

The dollar index fell 0.1% against a basket of major rivals today, and pulled back from a 3-week high of 94.31 point, which lifts dollar-denominated metals prices.

The Fed is expected to tighten its monetary policy this week and cut the bonds purchases program before moving on to hiking interest rates next year.