Silver mostly flat as dollar hits three-week low

Silver futures tilted higher in American trade as the dollar index hit the lowest since October 26, following a basket of data from China, the world's largest metals consumer, and the US, and after a host of speeches by major global central bankers in Frankfort. 

As of 08:24 GMT, silver futures due on December 16 rose a measly 0.02% to $17.050 an ounce from the opening of $17.047, while the dollar index tumbled 0.71% to 93.82 from the opening of 94.49. 

Earlier data from China showed industrial production slowed down to 6.2% y/y from 6.6% in September, missing expectations of 6.3%, while fixed-asset investments slowed down to 7.3% in line with expectations from 7.5%. 

Chinese retail sales slowed down as well to 10% from 10.3% in September, missing forecasts of 10.5%, as several global central bank governors participated in a panel discussion titled "At the heart of policy: challenges and opportunities of central bank communication" at the Central Bank Communications Conference hosted by the European Central Bank, in Frankfurt.

Otherwise, US producer prices rose 0.4% in October, beating expectations of 0.1%, and same as September, while core prices, excluding food and fuel prices, also rose 0.4%, same as before and passing forecasts of a 0.2% advance. 

Similarly, US Treasury Secretary Steven Mnuchin said earlier today he's not worries about whether the Senate tax reform bill could delay reforms, noting there were but small differences on tax cuts between the bills in the Senate and the House of Representatives, and asserting US president Donald Trump targets a growth rate of 3% or above for the economy. 

On another note, Federal Reserve Chair Janet Yellen, Bank of Japan governor Haruhiko Kuroda, Bank of England Governor Mark Carney, European Central Bank President Mario Draghi, have all participated in a panel discussion titled "At the heart of policy: challenges and opportunities of central bank communication" at the Central Bank Communications Conference hosted by the European Central Bank, in Frankfurt.

Draghi noted that transparency on the course of monetary policy has become one of the tool for central banks, and an effective one at that, noting the use of modern communications sites such as twitter to keep the public in constant knowledge, and adding that expounding on the future directions help in regulating the markets behavior. .

In Frankfort, Janet Yellen said the monetary policy should be depended on the economic situation, noting the importance of the market's understanding that the direction of monetary policy isn't absolute or predetermined. 

Yellen said that every member of the FOMC expresses his\her private views in speeches and other lines of communications, noting that healthy arguments are being conducted all the time on monetary policy inside the FOMC meetings. 

Finally, Yellen said the Fed is completely aware that it might require exceptional tools to deal with shocks, noting that risks on financial stability remain moderate, and that the FOMC is taking a direction to balance the targets of inflation and employment. 

Carney said he's also trying to communicate across the year with markets to prevent misunderstandings, noting that the inflation report is one of these communicative methods, and pointing to the necessity that the public continues to have exposure to the directions of the monetary policy. 

Bank of Japan governor Haruhiko Kuroda said in a speech about monetary policy at the University of Zurich that BoJ is taking a strong easing stand on policy, noting there were indicators that Japanese companies are raising wages, while cautioning that the road to a 2% inflation is still long.