Silver Price Today: Silver Rises to $16.59 an Ounce

Silver continued to perform well on Tuesday and prices rose 1.2 percent to $16.59 an ounce, according to Reuters. The metal hit a four-week high on Monday as investors responded to lackluster U.S. economic data.

Federal Reserve officials believe the current economic slowdown is a minor bump in the road, and indicated that a key funds rate hike is still likely this year. If that happens, the market for commodities that do not pay interest will contract as investors shift into stocks and other assets.