Silver climbs off early 2017 lows as dollar loses ground

Silver futures rose away from January 2016 lows, while the dollar index backed off January 2017 highs, following a speech by Federal Reserve Chair Jerome Powell in Dallas and ahead of US labor, retail sales data later today. 

As of 05:07 GMT, silver futures due in December rose 0.39% to $14.13 an ounce away from early 2016 lows, while the dollar index slipped 0.21% to 96.81 away from early 2017 highs. 

At his meeting in Dallas today, Fed Chair Jerome Powell said every periodic policy meeting is open for raising interest rates, while crediting the bank for restoring momentum in the economy and staving off recession. 

Now investors await US retail sales data, estimated with a 0.6% increase, compared to a 0.1% increase in September, while core sales are expected with a 0.5% addition. 

Unemployment claims for the week ending November 10 are expected with a thousand dip to 213 thousand from 214 thousand. 

Federal Reserve Bank of Atlanta President Raphael Bostic is due to speak about monetary policy at the Global Interdependence Center, in Madrid later today, while Fed Chair Jerome Powell will return with a speech about Hurricane Harvey recovery efforts at an event hosted by the Federal Reserve Bank of Dallas, in Houston.