Silver backs off seven-week high, dollar looks up

Silver futures tilted lower in Asian trade off November 2 highs for the third straight session, as the dollar index traded mostly flat, ahead of US housing and industrial data later today. 

As of 05:57 GMT, silver futures due in March inched down 0.08% to $14.63 an ounce off seven-week highs, while the dollar index inched up 0.02% to 97.45. 

Now investors await US data later today, with the Empire State Manufacturing Index expected down to 20.1 from 23.3 in November, while an index tracking housing prices is expected with an increase to 61 from 60. 

The Federal Open Market Committee is scheduled to meet on December 18-19, with analysts expected the fourth rate hike of the year to below 2.25%. 

The Fed will also release three-year forecasts for growth, inflation, unemployment, and interest rates.