Silver drops one percent below $18

Silver futures slid over one percent in American trade away from the highest since April 19, as the dollar index rebounded from the lowest since January 2, 2015, amid a lack of data from the US, the world's largest economy. 

As of 05:30 GMT, silver futures due on December 15 tumbled 1.04% to $17.935 an ounce from the opening of $18.123, while the dollar index rose 0.60% to 91.90 from the opening of 91.35. 

Earlier Chinese data over the weekend showed consumer prices accelerated to 1.8% in August from 1.4%, beating expectations of 1.7%, while producer prices jumped 6.3% y/y, up from 5.7% in July, and besting forecasts of 5.7%. 

Otherwise, silver prices are gliding off five-month highs as the dollar regains its footing on short-covering, especially as North Korea nuclear concerns subsidize in the markets after Pyongyang refrained from any provocative action over this weekend.

Similarly, the UN Security Council is expected to discuss later today a request by the US to impose tougher sanctions on North Korea as a response to the last nuclear test, after International Energy Agency Secretary pointed to evidence and traces of uranium-enriching centrifuges in the Yongbyon nuclear scientific research center 

Concerns have also dissipated about Hurricane Irma hitting Florida currently, after it turned into a Category 1 storm according to latest updates by the US National Hurricane Center, in turn buoying risk appetite in the markets and sending Wall Street over one percent higher today.