Silver muscles up past $17 in American trade

Silver futures rose past $17 in American trade even as the dollar index gained ground today, following earlier data from the US, the world's largest economy. 

As of 06:55 GMT, silver futures due on September 15 rose 0.59% to $17.040 an ounce from the opening of $16.940, while the dollar index added a measly 0.08% to 93.62 from the opening of 93.54. 

Earlier US data showed unemployment claims fell past expectations, while the Philly manufacturing index slowed down in August to 18.9 from 19.5, besting expectations of 18.3, and finally, industrial production slowed down more than expected last month, as the Capacity Utilization Rate steadied in line with expectations. 

Yesterday, US president Trump dissolved several business and manufacturing advisory counsels, forcing back to the surface business concerns about Trump's troubled agenda, while the Federal Reserve's minutes for the July 25-26 meeting showed policymakers' mounting concerns about the recent softening of inflation, despite asserting earlier this year their plans to normalize the bank's massive balance sheet in the next few months.