Silver pares losses in American trade

Silver prices pared their losses considerably in American trade away from the lowest since May 11, as the dollar index gained ground, following earlier data from the US, the world's largest economy. 

As of 06:49 GMT, silver futures due on September 15 fell 0.37% to $16.645 an ounce from the opening of $16.755, while the dollar index rose 0.06% to 97.33 from the opening of 97.26. 

From the US, earlier data showed durable goods order down more than expected in May, while core orders rose below expectations in the same month. 

Similarly, San Francisco Federal Reserve Governor John Williams said in a speech that he expects inflation to hit 2% by 2018, pointing to the strength of the US labor sector, and projecting unemployment rates to continue falling before steadying at slightly above 4% until 2018. 

Williams asserted to the importance of carrying on the tightening agenda by the Federal Reserve to ensure sustainable growth for the economy, while noting the bank doesn't intend to cause ruptures in the global markets, and expecting to start the plan to trim down the balance sheet later this week, mentioning there's no obstacle to increase interest rates and cut down the balance sheet at the same time. 

 Otherwise, markets now await speeches by governors of global central banks, as ECB President Mario Draghi is scheduled to deliver opening remarks at the European Central Bank Forum on Central Banking, in Portugal, while Bank of England Mark Carney will talk in a press conference about financial stability in London. 

Federal Reserve Chair Janet Yellen will speak about global economic issues at the British Academy 'President's Lecture' 2017, in London tomorrow, while both Draghi and Carney will hold speeches as well, in addition to Bank of Japan governor Haruhiko Kuroda and Stephen Pollos, Bank of Canada's governor during the European Central Bank Forum on Central Banking, in Portugal.