Silver dips even as dollar loses ground

Silver futures tilted lower in American trade near a five-month low, as the dollar index declined for the first time in six sessions, following earlier data from the US, and ahead of the Federal Reserve policy meeting tomorrow. 

As of 07:49 GMT, silver futures due on March fell 0.37% to $15.765 an ounce from the opening of $15.833, while the dollar index shed 0.06% to 93.84 from the opening of 93.90. 

Earlier US data showed the JOLTS job openings fell to 6 million jobs from 6.09 million in September, compared to expectations of 6.03 million, while investors now await the Federal Reserve policy meeting tomorrow. 

Goldman Sachs has recently projected four Fed rate hikes in 2018, while raising US growth forecasts to 2.5% from 2.4%, and cutting the unemployment rate projections to 3.7%. 

Fed policymakers will unveil their forecasts for three-year inflation, unemployment, growth, and interest rates later this week, as analysts expect them to go ahead of hike rates by 25 basis points in this week's meeting.