Silver tumbles 1% for first time in four sessions

Silver futures shed over one percent in American trade as the dollar index traded flat today, following earlier data from the US, the world's largest economy, and after Federal Reserve Chair Janet Yellen presented the second part of her Congressional testimony about monetary policy ahead of the Senate Banking Committee.

As of 07:27 GMT, silver futures due on September 15 slid 1.18% to $15.700 an ounce from the opening of $15.875, while the dollar index inched up barely 0.01% to 95.77 from the opening of 95.76.

Earlier US data showed producer prices rose last month, as core prices slowed down, while on a yearly basis, both readings slowed down in June, as unemployment claims fell less than expected last week. 

Similarly, Yellen's testimony today didn't offer different details from her testimony yesterday ahead of the House of Representatives' Financial Services Committee, when she asserted that interest rate hikes will be gradual, and confirmed the process of trimming down the Fed's huge balance sheet later this year.