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The price of silver dropped 0.7 percent to hit $16.41 an ounce on Wednesday.

The price of silver dropped 0.7 percent to hit $16.41 an ounce on Wednesday, according to Reuters.

Interestingly, the drop coincided with a 0.2-percent fall in the US dollar. Additionally, expectations that the US Federal Reserve doesn’t plan on raising interest rates at its meeting in June settled in.

A decision regarding the rate increase will be made clearer on Friday, when the US nonfarm payrolls report will be made available. That will be a major catalyst for the Fed’s decision, as well as investors.

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