Silver Hits $16.67 Despite Brief Rise in Dollar

On Tuesday morning, silver rose 1.3 percent to hit $16.65 per ounce, Reuters reported.

The white metal’s gain came despite a brief rise in the dollar on the back of better-than-expected Q3 US gross domestic product data. Positive economic data generally lifts the dollar and causes precious metals prices to decline. Very good data in the future could push the US Federal Reserve to raise interest rates, a move that would further pressure precious metals prices.