Silver edges higher as dollar slips on weak data
Silver prices rose on Tuesday, as the US dollar fell against most currencies, after the release of weak economic data.
The US consumer price index rose by 0.3% in August, lower than forecasts of 0.4%.
The core reading (excluding food and fuel prices) rose by 0.1%, lower than forecasts of 0.3%.
Investors are anticipating the next move of the US Federal Reserve, especially after hinting at reducing the size of its bond-buying program before the end of 2021.
The dollar index fell against a basket of major currencies by 0.2% to 92.4 points as of 19:37 GMT, after hitting a high of 92.6 points and a low of 92.3 points.
As of 19:37 GMT, silver spot prices rose 0.1% to $23.853 an ounce.
Oil pares early gains, edges lower
Oil prices fell on Tuesday, and gave up early gains, ahead of the US crude inventories.
The International Energy Agency reported today that it expects a strong recovery in global demand for oil during the fourth quarter of 2021.
The American Petroleum Institute will release its preliminary report on the US crude inventories later today, and the US Energy Information Administration will release the official data on Wednesday.
The dollar index fell against a basket of major currencies by 0.2% to 92.4 points as of 17:27 GMT, after hitting a high of 92.6 points and a low of 92.3 points.
As of 17:20 GMT, WTI crude October futures fell 0.6% to $70.01 a barrel.
Brent November futures 0.5% to $73.1 a barrel, after breaching the $74 barrier earlier today.
US stocks fall in early trading after disappointing data
The major US stock indices opened mostly lower on Tuesday, after the release of the US consumer price data, which affects the US Federal Reserve monetary policy.
The US consumer price index rose by 0.3% in August, lower than forecasts of 0.4%.
The core reading (excluding food and fuel prices) rose by 0.1%, lower than forecasts of 0.3%.
Otherwise, millions of tech enthusiasts around the world are waiting for the Apple event, through which the US company will unveil new versions of the iPhone.
As for stocks, Dow Jones fell 0.2% or 92 points to 34,777 as of 14:06 GMT, and S&P 500 fell 0.2% or 7 point to 4,461, while Nasdaq rose less than 0.1% or 1 point to 15,215.
Oil jumps to 6-week high on concerns over Storm Nicholas
Oil prices rose on Tuesday, for the third day in a row, and hit a 6-week high, amid concerns over the return of the US production in the Gulf of Mexico to its normal levels, especially as the new tropical storm Nicolas approaches the region.
US crude rose 0.7% to the highest since August 3 at $71.12 a barrel, after opening at $70.61, and hit a low at $70.53, and Brent crude rose 0.8% to the highest since August 2 at $74.20 a barrel, after opening at $73.62, and hit a low at $73.51.
The US crude gained 1.5% yesterday, and Brent crude rose 1.1%, in the second straight gain, due to concerns about US supplies.
Producers in the US Gulf of Mexico have again begun evacuating workers from offshore platforms ahead of Tropical Storm Nicholas, which is expected to turn into a hurricane over the next few days.
Nearly 40% of production in the Gulf of Mexico remained idle as of today, two weeks after Hurricane Ida swept through the region, bringing strong winds and rains, disrupting about 95% of the region's production.
Royal Dutch Shell canceled some export shipments in the Gulf of Mexico on Thursday due to damages to offshore facilities from Hurricane Ida.
The Gulf of Mexico encompasses 17% of the US total production, which was 11.5 million bpd before Hurricane Ida, and is currently around 11 million barrels per day.