Silver Price Today: Weak Dollar Sends Silver to $16.38

On Tuesday, a weaker dollar sent the silver price up 0.6 percent, to $16.38 an ounce, Reuters reported. The dollar index slipped 0.6 percent against a basket of major world currencies. A weakened dollar pushes investors toward safe-haven commodities, which can act as a hedge against risk.

Continued uncertainty regarding Greek debt talks nudged European markets downward, which also encouraged investors to pursue metals. It’s unclear how long the rise will last, as improvements to the dollar or European economic situation could send investors back to riskier assets that pay interest.