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Silver drops nearly 4% on strong dollar
Silver prices slumped on Thursday, as the US dollar rose against most currencies, after the release of upbeat US economic data.
The US retail sales index rose 0.7% in August, beating forecasts of a drop by 0.7%.
The core retail sales reading (excluding food and fuel prices) rose 1.8%, beating forecasts of a drop by 0.1%.
The US Department of Labor revealed that the number of initial unemployment claims was at 332K last week from 325K, lower than forecasts of 332K.
The dollar index rose against a basket of major currencies by 0.4% to 92.9 points as of 19:39 GMT, after hitting a high of 92.9 points and a low of 92.4 points.
As of 19:40 GMT, silver spot prices fell 3.7% to $22.9 an ounce.
US stocks pare some losses, close slightly lower
The major US stock indices closed lower on Thursday, after the release of mixed economic data, but Nasdaq turned higher.
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