Silver rebounds from 2-week low as dollar falls

Silver prices edged higher on Friday, to rebound from the 2-week low that was hit earlier, while the US dollar against its peers.

Silver prices rose 0.5% to $27.18 an ounce, after opening at $27.04, and hit a session-low and the lowest since February 4 at $26.07.

The precious metal fell 1.25% yesterday, and posted the second daily loss in 3 days due to weak safe haven demand.

The dollar index fell more than 0.4% today, to deepen its losses for the second day, which lifts the prices of dollar-denominated metals.

The US dollar fell due to weak demand, after strong data in Europe and Britain raised optimism about the global economic recovery.

Silver prices lost around 1% so far this week, to head for the second weekly loss in 3 weeks, as the yield of the 10-year US Treasury bonds jumped to nearly a 1-year high.