Silver falls off two-week high as dollar muscles up

Silver futures fell in American trade off October 2 highs, as the dollar index rebounded from September 27 lows for the third session, following earlier labor and industrial data from the US today. 

As of 06:59 GMT, silver futures due in December fell 0.43% to $14.60 an ounce away from two-week highs, while the dollar index rose 0.39% to 95.95, marking October 9 highs. 

Earlier US data showed the Philly Manufacturing Index down to 22.2 from 22.9, while unemployment claims fell 5 thousand in the week ending October 13 to 210 thousand, edging estimates of 211 thousand. 

Continuing claims fell 13 thousand to 1.640 million in the week ending October 6, as analysts expected 1.663 million. 

The Federal Reserve recently released the minutes of its September 25-26 meeting, at which the Federal Open Market Committee voted to increase interest rates by 25 basis points for the third time this year to just below 2.25% as expected, while carrying on plans to normalize the balance sheet. 

US President Donald Trump accused the Federal Reserve of causing a sharp correction in markets with its interest rate policy, considering it too strict and a "mistake".