Spot Silver scaled a fresh 1-week high of $33.20 per troy ounce on Wednesday on the back of a weaker US Dollar and amid US fiscal uncertainty.
The US Dollar Index was last down 0.29% to 99.724, after earlier sliding to its lowest level since May 7th (99.423).
A weaker dollar makes dollar-priced Silver more appealing to international investors holding other currencies.
Last week, Moody’s lowered US’ top sovereign credit rating from Aaa to Aa1, as the agency cited concerns over the country’s rising debt.
Yesterday US President Donald Trump pressed his fellow Republicans in the Congress to back a sweeping tax-cut bill, but did not manage to convince a handful of holdouts from the party.
Rising geopolitical risks also provided support to the white metal. Reports emerged that Israel was planning a strike on Iranian nuclear sites, a move which would most likely lead to retaliation from the Islamic state.
Spot Silver was last up 0.21% on the day to trade at $33.16 per troy ounce.
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