Silver hits three-week high as dollar declines

Silver futures rose for the eighth session in ten to the highest since July 3, as the dollar index hit the lowest since June 24, 2016, amid a lack of data from the US, the world's largest economy. 

As of 06:31 GMT, silver futures due on September 15 rose 0.64% to $16.450 an ounce from the opening of $16.280, while the dollar index fell 0.17% to 94.15 from the opening of 94.31. 

Silver's gains come on the back of dollar's weakness, following a spate of disappointing US data that cut the chances of a Federal Reserve rate hike later this year. 

US inflation is still below the Fed's 2% target, while political concerns mount over president Donald Trump as investigations deepen regarding Russian intervention in the last presidential elections, souring risk appetite in the markets.