On Wednesday, spot silver gained 0.8 percent to hit $16.27 an ounce amid lackluster economic news from the US.

On Wednesday, spot silver gained 0.8 percent to hit $16.27 an ounce amid lackluster economic news from the US, according to Reuters. Weaker-than-expected industrial production data drove investors toward commodities and contributed to a decline in the dollar’s value.

News of an impending US Federal Reserve interest rate hike could reverse the dip, and investors will examine information from the Federal Open Market Committee meeting at the end of April in an attempt to predict the timing of a rate increase.