Silver Slumps as Dollar Strength Cuts Through Two-Session Rally

Silver prices fell to around $58.50 an ounce on Friday, down about 0.8% in early trade.

This decline came after a modest rebound in the US dollar prompted traders to trim positions following two sessions of gains.

The metal's price was affected by its dual nature as both a monetary asset and an industrial input, making it exposed to changes in currency markets and manufacturing expectations.

Unlike gold, silver is vulnerable to a stronger dollar, which would normally support the metal by lowering its cost for overseas buyers.