Silver dips 1% as dollar gains ground

Silver futures fell nearly one percent in American trade away from November 20 highs as the dollar index bounced off the lowest since September 20 lows for the third session out of four, amid a lack of data from the US, the world's largest economy. 

As of 06:59 GMT, silver futures due on March 15 fell 0.87% to $17.135 an ounce from the opening of $17.285, while the dollar index rose 0.47% to 92.38 from the opening of 91.95. 

Federal Reserve Bank of Atlanta President Raphael Bostic spoke earlier today about the US economic outlook and monetary policy at the Rotary Club of Atlanta, where he noted that the Fed might not need to hike rates three or four times each year, calling for some patience in handling monetary policy. 

Bostic cautioned from a loss of public confidence in Fed's ability to buoy inflation to 2%, adding that 2018 will launch a transformation in the local economy, while pointing to growth risks that are related to the recent tax cuts and enlargement of budget deficits. 

Otherwise, Federal Reserve Bank of San Francisco President John Williams is scheduled to participate in a panel discussion about whether the Federal Reserve should revise their 2 percent inflation target at the Brookings Institution, in Washington DC.