Silver steadies above $17 ahead of the weekend
2017-08-11 19:26:21 GMT (
Silver steadies above $17 ahead of the weekend

Silver prices edged up near the highest since June 14 as the dollar index lost ground, following earlier data from the US, and as tensions flared between America and North Korea. 


As of 06:29 GMT, silver futures due on September 15 rose 0.03% to $17.066 an ounce from the opening of $17.065, while the dollar index tumbled 0.40% to 93.03 from the opening of 93.40.


Earlier US data showed consumer prices rose 0.1% in July, up from no-change in June, and missing expectations of 0.2%, while core prices steadied at 0.1%, also below expectations of 0.2%, and on a yearly basis, prices accelerated to 1.7%, missing forecasts of 1.8%, while core prices steadied at 1.7% in line with expectations last month. 


Earlier, Federal Reserve Bank of Minneapolis president Neil Kashkari said in a speech that today's consumer prices readings were weak, which is a cause enough to put off hiking interest rates, adding that the Fed isn't sure of the reasons for this softening in inflation, and asserting that the data underpins his viewpoint on monetary policy. 


Kashkari said inflation hasn't reach the Fed's 2% target yet despite the strong labor market, forecasting more weakness to come, and saying he doesn't see something that props up inflationary pressures strongly enough. 


In another speech, Federal Reserve Bank of Dallas President Robert Kaplan stated that inflation is still below 2%, while pointing to obvious progress towards full employment, and expecting US GDP growth to steady above 2% in 2017, while expressing his need to see more evidence of inflation growth before voting to increase rates again.  

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