Silver Falls Amid Dollar Rebound and Oil Price Surge

Silver prices fell by over 1.5% in the European market on Tuesday, retreating from their highest level in nearly a week due to a rebound in the US dollar and rising oil prices.

The decline came as markets await the minutes of the Federal Reserve's latest meeting on Wednesday, which are expected to provide important clues about the likelihood of further US interest rate hikes this year.

The US Dollar Index rose 0.15% on Tuesday, heading for its first gain in four sessions and reflecting a rebound in the US currency against a basket of global currencies.

Oil prices also rose around 0.5% on Tuesday, extending their gains for a third consecutive day and reaching a three-week high, as negotiations between the United States and Iran stalled and shipping traffic through the Strait of Hormuz came to a halt.