Silver Price Ticks Up to $16.76 per Ounce

The silver price ticked up 0.5 percent on Tuesday to reach $16.76 an ounce, according to Reuters. However, it’s likely that the improvement will not last long — the metal is contending with a strong dollar and indications that the Fed will raise rates sooner rather than later.

The metal’s Tuesday rise came on the back of investor uncertainty ahead of US jobs data set to be released on Friday. A strong jobs report could diminish the appeal of safe-haven commodities.