Silver Price Today: US Data Pushes Silver to Five-week High

The silver price jumped 3.3 percent on Wednesday to reach a five-week high of $17.10 an ounce, according to Reuters. The increase came on the back of lower-than-expected US economic data, which pushed the dollar down 0.7 percent and led investors to speculate that the US Federal Reserve will delay an increase in interest rates.

“The dollar’s weakening has been instrumental to the latest move higher and of course the view that the Fed is less likely to raise interest rates next month after weak economic data,” Carlo Alberto de Casa, chief analyst for ActivTrades, told the news outlet.