Silver backs off highest this week

Silver prices lost ground on Wednesday after marking the highest this week amid constant wavering in financial markets, with mixed signals all around. 

Silver's dip comes as most Asian stock indices retreated while Chinese housing prices data beat expectations, fueling fears of a soon-to-burst bubble in asset prices in major Chinese cities. 

Wall Street rose yesterday as risk appetite rebounded strongly on upbeat earnings results for major American corporations. 

The dollar closed higher yesterday against a basket of major rivals after upbeat US housing data, after hitting three-week lows in the same session. 

All that contributes to the mixed signals in markets, which led to current sideways trading and lack of direction. 

Silver inched down to $16.73 an ounce from the opening of $16.76, with an intraday high at $16.77, and a low at $16.71.