Silver Prices Fall Silver prices declined for a third consecutive day Friday and were on track for another weekly loss, as rate-hike bets continued to fuel the US dollar.
Gold futures also fell $6.60, or 0.5%, to $1,210.30 a troy ounce. Bullion reached an intraday low of $1,201.30, which would have been the lowest settlement since February.
The US dollar surged to fresh 14-year highs on Thursday after Federal Reserve Chair Janet Yellen indicated the US central bank was leaning toward raising interest rates soon.
“At this stage, I do think that the economy is making very good progress toward our goals, and that the judgment the [FOMC] committee reached in November still pertains,” Yellen told Congress on Thursday.
The dollar index extended its gains Friday, rising 0.1% to 100.98. The greenback is up more than 3% over the past month and has seen its gains accelerate since the November 8 election.
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