Silver Price Today: Silver Climbs Amid Weak Stock Market Performance

The silver price climbed 0.7 percent on Tuesday to hit $16.03 an ounce. The move coincided with weak stock market performance and higher commodities prices across the board, according to Reuters.

US payroll data released on Friday was better than expected, boosting expectations the Federal Reserve will make a move to raise interest rates for the first time in nearly a decade, presumably in September.

However, investors are still timid and willing to wait for clearer data pertaining to the economy. “In terms of data, investors really want to be sure that retail sales are good this week,” Reuters quotes Georgette Boele, an ABN Amro analyst, as saying. “They don’t want to run ahead of themselves.”