Silver edges lower for first time in three sessions as dollar regains footing

Silver futures bounced off its highest since April 28 in American trade as the dollar rebounded from its lowest since November 9, following earlier data from the U.S., the world's largest economy. 

As of 06:28 GMT, silver futures due on July 15 fell 0.33% to $17.13 a barrel from the opening of $17.17, while the dollar index rose 0.29% to 97.26 from the opening of 96.98. 

On another note, earlier U.S. data showed a steep drop in new home sales in April, while the Richmond manufacturing index fell more than expected in May, as investors await the unveiling of the first full budget proposal by U.S. president Donald Trump, aiming at cutting government spending by $3.6 trillion and balancing the budget by the next decade. 

Markets also await speeches by Federal Reserve Bank of Minneapolis President Neel Kashkari and Federal Reserve Bank of Philadelphia President Patrick Harker later today, after markets priced in a probable Fed rate hike in June meeting, and ahead of the release of Fed's minutes for the May 2-3 meeting tomorrow.