Silver rallies 1% past $16 an ounce

Silver futures rose for the sixth session in seven away from the lowest since February 3, 2016, as the dollar traded flat for the day, following earlier data from China and the US, the world's largest economy. 

As of 06:23 GMT, silver futures due on September 15 rose 0.99% to $16.09 an ounce from the opening of $15.933, while the dollar index inched up 0.01% to 95.16 from the opening of 95.15. 

Earlier data from China, the world's second largest economy, showed the seasonally adjusted reading for second quarter GDP growth at 1.7%, matching expectations and up from 1.3% in the first quarter. 

Similarly, Chinese GDP grew 6.9% y/y, same as first quarter's growth, and besting forecasts of 6.8%, as retail sales and industrial production accelerated in June y.y.

Otherwise from the US, the Empire State Manufacturing Index fell to 9.8 in July from 19.8, missing expectations of 15.2. 

Silver might be heading for the second weekly profit after a string of disappointing US data last week, as inflation and retail sales dropped in June. 

The downbeat data ruled out any chances of a Federal Reserve rate hike in the July 25-26 meeting, bashing the greenback to the lowest since September last week.