Silver Price Falls to $16.74 an Ounce

The silver price continued to drop on Wednesday, falling 0.4 percent to hit $16.74 an ounce, Reuters reported.

The US dollar also fell 0.4 percent on the back of expectations that a rate increase by the Federal Reserve won’t happen until next year. Those expectations were fueled by the release of weaker-than-expected US nonfarm payroll numbers.

On Tuesday, Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis, said the second half of 2016 will likely be when rate increases take place.