Silver backs off two-week high, dollar rebounds from seven-week trough

Silver futures tilted lower in American trade away from September 4 highs, as the dollar index rebounded from July 31 lows, following earlier data from the US, the world's largest economy. 

As of 05:54 GMT, silver futures due in December fell 0.30% to $14.18 an ounce, while the dollar index rose 0.22% to 94.68 against a basket of major rivals. 

An index tracking US housing sector steadied at 66 with no change from the previous reading. 

Otherwise, the White House announced new 10% tariffs on $200 billion worth of Chinese imports, to be increased to 25%, after the US already imposed 25% tariffs on $50 billion worth of Chinese imports, with China retaliating with tariffs on $60 billion worth of US products. 

President Donald Trump threatened to impose new tariffs on $267 billion worth of Chinese imports if Beijing retaliated to the latest ones. 

US trade secretary Wilbur Ross said China "is out of bullets" to retaliate against US tariffs, noting that the measures are intended to change Chinese behavior, with close studying to guarantee limited increases to inflation.