Silver prices were trading lower in lockstep with other metals on Wednesday, as the US dollar turned higher following three consecutive declines.
March silver futures slipped 3 cents, or 0.2%, to $16.71 a troy ounce at 7:46 am ET. The metal traded within a range of $16.65 and $16.83.
The grey metal is attempting its fourth consecutive daily advance after plunging to more than five-month lows last week. Silver has declined more than 9% since the November 8 election.
Gold prices were also under pressure Wednesday and were on track for their second consecutive drop. The February futures prices fell $4.80, or 0.4%, to $1,186.00 a troy ounce.
Meanwhile, the US dollar rebounded against a basket of other major currencies following a sharp decline in the previous session. The dollar index rose 0.2% to 101.17.
The greenback will see plenty of action in the latter half of the week as investors turn their attention to US jobs data. On Friday, the Labor Department is expected to show the creation of 170,000 US jobs in November, giving the Federal Reserve the scope it needs to raise monetary policy for the first time since last December.
Certainty about a December rate hike has grown in recent weeks and is currently priced at well over 90%, according to the CME Group’s FedWatch Tool.
Elsewhere in the commodities market, oil prices jumped more than 5% after Saudi Arabia’s energy minister said a production agreement among the Organization of the Petroleum Exporting Countries (OPEC) was getting close. Prices are on track for their biggest one-day gain since April.
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