Silver Price Slips to $16.17 an Ounce

On Wednesday, silver saw a decrease of 0.3 percent, reaching $16.17 an ounce, Reuters reported.

The market was hit this week by lower European share prices and an 11-year high for the US dollar, which raised expectations that the Federal Reserve may hike interest rates.  A US Institute for Supply Management services report was released on Wednesday, ahead of the February nonfarm payrolls report on Friday. The report points to an increase in US private employment by 212,000 jobs in February.

Traders are also keeping a cautious eye on the euro ahead of a European Central Bank meeting on Thursday.