Silver Price Breaks $17 per Ounce

On Wednesday, the silver price gained 0.8 percent to reach $17.01 an ounce, continuing its upward trend, according to Reuters.

The climb came as the euro rose 0.4 percent, taking gainful strides against the dollar. Additionally, expectations of European economic recovery are on the rise.

As the US dollar idles at weaker-than-expected levels, and the Federal Reserve doesn’t take course to raise interest rates, investor confidence in precious metals has increased. A strong dollar dampens the purchasing power of investors trading with other currencies.