Silver Prices Plummet as Dollar Strength Continues

Silver prices continued their downward trend, closing at $57.77 per ounce on Friday, down 2.51 percent from the previous day and extending a sell-off that has erased over half of its value since January's peak.

The decline began early in the week when the metal dropped 2.18 percent due to a stronger dollar, which put pressure on the entire metals complex, with gold also losing 1.54 percent to settle at $4,043 per ounce.

According to the year-to-date scoreboard, silver is now 18.58 percent in the red since January 1 and trading 52.56 percent below its 52-week high of $121.78 reached in late January.