Silver futures tilted lower in American trade away from January 29 highs even as the dollar index rebounded from March 27 lows following earlier data from the US, and ahead of a speech by Federal Reserve Bank of Cleveland President Loretta Mester.
As of 06:17 GMT, silver futures due on May 15 inched down barely 0.02% to $17.245 an ounce from the opening of $17.248, while the dollar index rose 0.32% to 89.91 from the opening of 89.62, marking one-week highs.
Federal Reserve Governor Lael Brainard spoke earlier today about regulatory reform at the Global Finance Forum, in Washington DC, where she noted that inflation rates remain stable with no sign of imbalance.
Brainard cautioned from a new economic stage where assets and financial leverages rise, before earlier US data showed unemployment claims fell 1 thousand to 232 thousand from 233 thousand, above expectations of 230K.
The Philly Manufacturing Index rose to 23.2 from 22.3 in March, beating expectations of 20.8, while Federal Reserve Governor Randal Quarles testified on supervision and regulation before the Senate Banking Committee, in Washington D, where he said cryptocurrencies don't represent threats to financial stability, while calling on small banks to come up with new rules to financial liquidity.