Silver settles higher as dollar retreats

Silver futures tilted higher as the dollar index lost ground for the first session in three, following earlier data from the US, the world's largest economy, while Federal Reserve Bank of Atlanta President Raphael Bostic spoke earlier today about the economy at the Shoals Chamber of Commerce, in Alabama.

As of 07:06 GMT, silver futures due on May 15 rose 0.13% to $16.680 an ounce from the opening of $16.692, while the dollar index declined 0.38% to 89.46 from the opening of 89.80. 

Earlier US data showed retail sales rose 0.6% in March, compared to a 0.1% dip in February, and beating expectations of a 0.4% rise, while core sales rose 0.2% in line with expectations. 

The Empire State Manufacturing Index slowed down to 15.8 in April from 22.5 in March, missing expectations of 14.9, while business inventories rose 0.6% as expected in February, as the NAHB Housing Market Index inched down to 69 from 70 in March, missing forecasts of 71. 

Raphael Bostic said in his earlier speech that wages haven't improved until now, while asserting the Federal Reserve is trying to carry the local economy to full employment. 

US President Donald Trump accused both Russia and China of engaging in a ploy to drive the value of their currencies lower as the US hikes interest rates, calling it "unacceptable".

Geopolitical tensions on Syria eased after President Trump announced "Mission Accomplished" following the US-led strikes on Bashar Al Assad's military establishment, indicating to intention to carry on the campaign against the Syrian Army.