Silver drives below $16, dollar ekes out gains in Asia

Silver futures shed one percent in Asian trade to the lowest since July 3, as the dollar index climbed off June 14 lows for the third session, ahead of important inflation data from the US later today. 

As of 05:17 GMT, silver futures due on September 15 fell 0.73% to $15.97 an ounce from the opening of $16.09, marking one-week lows, while the dollar index inched up 0.08% to 94.24 from the opening of 94.16, moving away from four-week trough. 

Now markets await US producer prices data, expected to show growth slowing down to 0.2% from 0.5% in April, while core prices are expected to have slowed down as well to 0.2% from 0.3%. 

Federal Reserve Bank of Atlanta President Raphael Bostic is scheduled  to speak at the Virginia Society of Certified Public Accountants, while Federal Reserve Bank of New York President John Williams is due to speak about the local economy at a town hall event, in Brooklyn later today.