Silver Slips on Strong Dollar

Analysts expect a stronger dollar to further pressure precious metals prices for the remainder of the year and perhaps into the early part of 2010, but gold and silver both will see some support from bargain hunting speculators and long-term investors.

Silver and gold prices rose slightly in early trading Monday, but those gains were quickly erased as a rebounding dollar forced gold down below the psychological support level of $1,100 an ounce to close at $1,092.30 in New York, and silver dropped below the crucial $17.00 level to as low as $16.93 before closing at $17.01 an ounce.

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