On Tuesday, silver rose 3.4 percent to hit $16.88 per ounce, according to Reuters.

US Federal Reserve officials made comments late on Monday that indicate interest rates will remain near zero for a “considerable time,” which depressed the dollar by 0.3 percent against a basket of major currencies. When the dollar weakens, dollar-denominated assets are cheaper for those investors who hold other currencies — which is part of the reason for silver’s rise.

The promise of low interest rates also makes precious metals more appealing compared to equities, which bear interest.