Silver drops over 2.5% on upbeat data

Silver prices fell on Friday, as the US dollar held steadily against most of its major counterparts, following the positive data.

Data showed that the US retail sales index rose 0.6% in June, beating forecasts of a drop by 0.4%.

The core retail sales index (excluding fuel and food prices) rose 1.3% in June, beating forecasts of 0.4%.

The markets are closely focused on the quarterly earnings results season, after several major banks announced their results this week, and the US tech companies will announce their results the next few days.

The dollar index rose against a basket of major currencies by less than 0.1% to 92.6 points as of 21:08 GMT, after hitting a high of 92.7 points and a low of 92.5 points.

Silver spot prices fell 2.6% to $25.7 an ounce as of 21:08 GMT, after hitting a day high of $26.5 and a low of $25.6.