Silver loses ground even as dollar declines

Silver futures tilted lower in American trade even as the dollar index fell off February 13 highs, following earlier data from the US, the world's largest economy, in addition to speeches by several Federal Reserve officials. 

As of 06:36 GMT, silver futures due on May 15 fell 0.20% to $16.6345 an ounce from the opening of $16.678, while the dollar index declined 0.29% to 89.74 from the opening of 90.00.

Earlier US data showed unemployment claims fell 7 thousand to 222 thousand from 229 thousand in the previous reading, below expectations of 230K, while continuing claims in the week ending February 10 fell 73 thousand to 1.875 million from 1.948 million, also sharply below forecasts of 1.938 million. 

Federal Reserve Bank of New York President William Dudley spoke earlier today about the economic situation in Puerto Rico and the United States Virgin Islands, following Hurricanes Irma and Maria, at a press briefing hosted by the Federal Reserve Bank of New York, while Federal Reserve Bank of Atlanta President Raphael Bostic spoke at the Banking Outlook Conference hosted by the Federal Reserve Bank of Atlanta.

The Federal Reserve released the minutes of the January 30-31 meeting, at which policymakers held interest rates unchanged between 1.25% and 1.50%, while expecting inflation to settle at 2% in the next 12 months.

Markets now look forward to the Fed's March 20-21 meeting, the first under new Chair Jerome Powell, at which policymakers will release their three-year forecasts for inflation, unemployment, growth, and interest rates.