Silver hits week high on upbeat China data
2018-08-09 17:31:47 GMT (
Silver hits week high on upbeat China data

Silver futures titled higher in American trade to August 3 highs, following strong inflation data from China, the world's largest metals consumer, while the dollar index advanced after upbeat inflation and labor data from the US. 


As of 04:52 GMT, silver futures due in September rose 0.25% to $15.47 an ounce, while the dollar index added 0.31% to 95.39 against a basket of major rivals. 


Earlier data from China showed consumer prices rose 2.1% y/y in July, a four-month high, up from 1.9% in June, and beating estimates of 2.0%, while producer prices rose 4.6%, slowing down from 4.7% and beating estimates of 4.4%. 


US Labor, Inflation Data 


Earlier US data showed producer prices were unchanged in July, compared to a 0.3% increase in June, and missing estimates of 0.2%. 


Core prices, excluding food and energy, rose 0.1%, while those excluding trade services as well rose 0.3%, indicating solid momentum in the economy. 


US unemployment claims fell surprisingly by 6 thousand to 213 thousand from 219K, beating expectations of an increase to 220K.


Continuing claims for the week ending July 28 rose 29 thousand to 1.755 million from 1.726 million, missing expectations of 1.730 million. 


The final reading for business inventories rose 0.1% in June, compared to no-change in in the preliminary reading, and improving from a 0.6% surge in May.


Accumulated inventories indicate poor demand and are considered a negative sign for the economy. 

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