Silver futures surge nearly one percent

Silver futures rallied nearly one percent in American trade as the dollar index edged lower according to their inverse relation, following earlier U.S. data, while the G7 talks commence in Italy. 

Silver futures due on July 15 rose 0.86% to $16.41 an ounce from the opening of $16.26, while the dollar index fell 0.34% to 99.28 from the opening of 99.63. 

Earlier U.S. data showed inflation below expectations in April, while retail sales rose less than forecast as well, as the University of Michigan's consumer sentiment indicator strengthened in May. 

Chicago Fed President Charles Evans participated in a panel discussion about economic conditions and monetary policy at the ACI World Congress 2017, in Dublin, while Federal Reserve Bank of Philadelphia President Patrick Harker talked about the economic outlook at Drexel University, in Philadelphia,

Markets have priced in a probable Fed rate hike in the June meeting. at which policymakers will unveil their three-year forecasts for inflation, unemployment, growth, and interest rates, and increase overnight rates by 25 basis points to between one percent and 1.25%. 

Otherwise, the G7 talks will include Greece's issue, as investors hope the Group will reach a deal to solve the Greek debt problem as the euro zone's finance minister convene in Brussels on May 22, while noting Greece owes the International Monetary Fund about 12.4 billion euros.  

On the same note, IMF head Christine Lagarde said that the Fund will "continue working to lighten the debt package", while "hoping that Europeans in particular would be more inclined to forgive debt due to its necessity".