Silver gives up ground as dollar regains footing

Silver futures gave up ground to the lowest this month, moving away from the highest since April 19, as the dollar index hit the highest since September 5, moving farther away from the lowest since early 2015, following an array of data from the US, the world's largest economy.

As of 06:38 GMT, silver futures due on December 15 fell 0.20% to $17.855 an ounce from the opening of $17.890, while the dollar index rose 0.56% to 92.40 from the opening of 91.88. 

Earlier US data showed producer prices rose less than expected in August, while core prices widened also below forecasts, as yearly readings for both accelerates below expectations as well. 

August inflation data was released earlier this week with investors now studying their possible impact on the Federal Reserve's policy decisions, while noting that chances of a Fed rate hike for a third time this year have fallen considerably in recent weeks. 

On the same note, White House spokesman said that US Republican president Donald Trump's goal is to pass tax reform laws by the end of 2017, noting that these reforms are meant to stimulate economic growth and the tax system. 

The spokesman's remarks came after US Treasury Secretary Steven Mnuchin said that President Donald Trump's administration seeks to wrap up the tax reform agenda by the end of 2017, adding that he doesn't know whether Trump's goal to cut corporate taxes to 15% is achievable due to budget constraints, but he asserted on the importance of reaching record competitiveness. 

On Thursday, the Senate Financial Committee will hold a session to hear tax reform propositions, after Senator Orrin Hatch said he expects the plan to be shared with other senators, while Trump urged Congress to vote on the reforms as fast as possible without waiting until the end of September. 

Back to Mnuchin, who expressed his concerns regarding the US debt ceiling passing $20 trillion, and adding that recent Hurricanes Irma and Harvey will impact the US GDP growth, while noting that recovery will happen soon after from their damages.