Silver dips to lowest since mid-May

Silver futures tilted lower in American trade, heading for the fifth daily loss in a row and marking the lowest since May 12, even as the dollar index gave up ground, and following earlier data from the US, the world's largest economy. 

As of 06:52 GMT, silver futures due on July 15 fell 0.23% to $16.380 an ounce from the opening of $16.415, while the dollar index shed 0.08% to 97.68 from the opening of 97.76. 

Earlier US data showed existing home sales rose 2.3% in May to an annualized 5.62 million units, compared to a 2.5% drop in April to 5.56 million, while analysts expected a 0.4% drop to 5.55 million. 

Otherwise, US treasury secretary Steven Mnuchin called on Congress to raise the debt limit as soon as possible, pointing to September as a good time to do it, while expecting tax reform plans to finish up later this year, saying the treasury ministry plans wide reforms beside taxes. 

Mnuchin also talked about the surging value of the dollar, noting its negative impact on exports, while asserting that dollar's strength reflects the markets' confidence in the US administration and president Donald Trump's performance, and finally, Mnuchin said he didn't take a decision yet on whether to keep Yellen at her job as the Federal Reserve Governor or hire a different one.