Silver rises for 5th straight day, scores 2.5% weekly gain

Silver prices rose on Friday, extending gains for the fifth straight day as the US dollar fell, while the US and China announced reaching the phase one of the trade deal.

The US announced that it officially agreed on the terms of the phase one of the final trade deal and started immediately to negotiate the phase two.

Under the new agreement, the US will cancel the tariffs hike decision against China, which was due next Sunday.

President Donald Trump stated that China would pledge buying $50 billion worth of US farm goods, and White House chief economic adviser Larry Kudlow said $40 billion over two years.

The dollar index fell against a basket of currencies by 0.2% to 97.2 points as of 19:03 GMT, and hit an intraday high of 97.2 and a low of 96.7.

Silver futures (March delivery) rose by 0.4% to close at $17.012 an ounce, with 2.5% weekly gains, and hit a high of $17.095 and a low of $16.895.