Silver falls off seven-week high as dollar gains ground

Economies.com
2018-12-18 18:36PM UTC

Silver futures fell in American trade off November 2 highs for the third session out of four, as the dollar index traded mostly flat, following earlier data from the US, the world's largest economy. 

 

As of 06:33 GMT, silver futures due in March fell 0.33% to $14.71 an ounce off seven-week high, while the dollar index added 0.03% to 97.13 off week lows. 

 

Earlier US data showed building permits rose to an annualized 1.33 million units in November, besting estimates of 1.27 million, and compared to October's revised 1.27 million. 

 

US housing starts rose to an annualized 1.26 million units November, beating estimates of 1.23 million, and up from October's revised 1.22 million. 

 

The Federal Open Market Committee is meeting today and tomorrow for the periodic policy meeting, with analysts expected the fourth rate hike of the year to below 2.25%. 

 

The Fed will also release three-year forecasts for growth, inflation, unemployment, and interest rates. 

 

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