Silver Price Drops to $15.57 per Ounce on US Dollar Strength

Silver dipped to $15.57 an ounce on Tuesday, hitting its lowest price in two months, Reuters reported.

The decline came as the US dollar reached its highest point in 12 years. The Federal Reserve has kept interest rates low since the financial crisis rocked world economies seven years ago. Now, with the US economy resurgent, the Fed has signaled a potential rate increase for later this year. Positive nonfarm payroll numbers released March 6 have fueled speculation that a rate hike will occur during the summer.