Silver holds near six-week high as dollar slips

Economies.com
2018-01-04 18:42PM UTC

Silver futures tilted lower in American trade even as the dollar index dipped to near four-month lows, following earlier data from the US, the world's largest economy.

 

As of 06:34 GMT, silver futures due on March 15 fell 0.10% to $17.250 an ounce from the opening of $17.273, while the dollar index dipped 0.30% to 91.88 from the opening of 92.16. 

 

Earlier US data showed the economy added 250 thousand new private sector jobs in December, beating expectations of 191K, and up from 185K in November. 

 

US unemployment claims rose to 250 thousand in the week ending December 30 from 245K in the previous reading, missing expectations of a dip to 241K.

 

The Federal Reserve released the minutes of the December 12-13 meeting, at which policymakers voted to increase overnight interest rates by 25 basis points to between 1.25% and 1.50%, while releasing their three-year forecasts for interest rates, inflation, growth, and unemployment.

 

Last month, President Donald Trump singed into law the $1.5 trillion tax reform bill, which cuts the corporate tax rate from 35% to 21%, while also signing a stopgap government spending bill to prevent a government shutdown, in turn underpinning Wall Street to successive record highs. 

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