Silver powers up for fifth consecutive session as dollar ekes out gains
2017-10-12 19:02:04 GMT (
Silver powers up for fifth consecutive session as dollar ekes out gains

Silver futures rose nearly one percent in American trade away from the lowest since August 8 for the fifth session in a row, even as the dollar index advanced for the first time in five session, following a basket of data from the US, the world's largest economy. 


As of 06:44 GMT, silver futures due on December 15 muscled up 0.80% to $17.270 an ounce from the opening of $17.133, marking the highest since September 26, while the dollar index inched up 0.08% to 93.09 from the opening of 93.01. 


Earlier US data showed unemployment claims fell more than expected last week, as producers prices grew 0.4% in line with expectations in September, as core prices accelerated to 0.4% beyond forecasts. 


Federal Open Market Committee member Lael Brainard participated in a panel discussion about monetary policy at the Peterson Institute for International Economics, in Washington DC, while Jerome Powell delivered a speech titled "Prospects for Emerging Market Economies in a Normalizing Global Economy" at the Institute of International Finance Annual Membership Meeting, in Washington DC as well.


On Wednesday, the Federal Reserve released the minutes for its September meeting, at which policymakers voted to hold interest rates unchanged at between one percent and 1.2% for the second session, while paving the way for normalizing the balance sheet by October. 


silver  futures are rebounding on strong haven demand, amid renewed concerns about North Korea, after reports of Pyongyan's readiness to test long-range ballistic missiles that could reach the US western coast.  

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