Silver closes lower by 1% as US dollar rises

Silver prices fell today as investors shifted from precious metals amid calm trading due to an improved appetite for US dollar and stock markets.

President Trump raised market's hopes after he said that US economy will continue to grow and ruled out a near recession, and added that the trade talks with China are going very well.

And called on the US Fed to cut rates at least by 1% with the possibility of preparing a quantitative easing program similar to the 2008 global financial crisis program.

Eric Rosengreen, Fed's current member said that there is no need for further rate cuts unless things change, pointing out that central banks in other countries must cut rates but the US Fed still doesn't have to.

By 19:47 GMT, dollar index rose against a basket of currencies by 0.2% to 98.2 points, with a high of 98.2 and a low of 98.

Silver futures (September delivery) fell by 1.1% to close at $16.94 an ounce, with an intraday high of $17.175 and a low of $16.82.