Silver sheds two percent on dampened haven demand

Economies.com
2017-10-17 18:53PM UTC

Silver futures tumbled nearly two percent in American trade away from the highest since September 18, marking a one-week trough, as the dollar index muscled up the highest since October 10, following an array of data from the US, the world's biggest economy. 

 

As of 07:42 GMT, silver futures due on December 15 fell 1.75% to $17.065 an ounce from the opening of $17.369, marking the lowest since October 10, while the dollar index advanced 0.18% to 93.48 from the opening of 93.31. 

 

Earlier US data showed industrial production grew 0.3% in September in line with expectations, compared to a 0.7% drop in August, revised from a 0.9% fall, while the Capacity Utilization Rate rose to 76.0% from 75.8% in August, missing expectations of 76.2%. 

 

Silver futures are moving farther away from the highest since September 18 on profit-taking, as the dollar index continued to rebound for the third straight session after US 10-year treasury bond yields surged. 

 

Markets are pricing in a move by US president Donald Trump to choose a hawkish Federal Reserve Chair who would keep up the path of policy tightening after Janet Yellen terms ends next February, with John Taylor moving to the top of the pack of possible candidates after meeting with Trump last week. 

 

Otherwise, US Deputy Secretary of State said in earlier remarks that the US is ready to negotiate with North Korea, indicating his country isn't ruling out conducting talks with the seclusive country, and asserting US interests in diplomatic solutions, while also readying for the worst possible scenario. 

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