Silver rebounds from early March lows as dollar tumbles

Silver futures tilted higher in American trade away from early March lows, as the dollar index fell for the first time in four sessions, amid a lack of data from the US, while investors await the Federal Open Market Committee's policy meeting later this week.

As of 06:03 GMT, silver futures due on May 15 rose 0.36% to $16.330 an ounce from the opening of $16.272, while the dollar index slid 0.44% to 89.84 from the opening of 90.23. 

Federal Reserve Bank of Atlanta President Raphael Bostic spoke about the future of community development at the National Interagency Community Reinvestment Conference, in Miami, earlier today.

Group of 20 meetings have started in Argentina, which are usually closed for the media, but some officials give statements to outlets throughout the day until the official statement of the group is released. 

Investors await the Federal Open Market Committee's policy meeting this week, the first under new Chair Jerome Powell, with policymakers expected to release three-year forecasts for inflation, growth, unemployment, and interest rates.

Federal Reserve Chair Jerome Powell said in his recent Congress testimony that hiking interest rates four times this year would be considered a "gradual pace", bolstering expectations of a March rate hike.

The economy created 313 thousand new jobs last month, while wages slowed down, confirming Powell's expectations that labor would strengthen further before improvements in wages.