Silver Drops to $19.71 an Ounce on Higher Dollar

Today, silver fell 1.95 percent, or $0.39, to $19.71 an ounce. Like the drop in gold, the silver price decline can be attributed to a rising US dollar and the prospect of less monetary stimulus in the US, according to Bloomberg.

Tomorrow, the Federal Open Market Committee will make the minutes of last month’s meeting, when it decided to taper its asset purchases, available to the public. “People want to know how serious the Fed is about easing, and tomorrow more details will come out,” said Bart Melek, head of commodity strategy at TD Securities in Toronto.