Silver futures rise nearly one percent as dollar flags

Silver futures rose nearly one percent in American trade as the dollar index fell according to their inverse relation, following earlier data from the U.S., the world's largest economy. 

Silver futures due on July 15 rose 0.89% to $16.75 an ounce from the opening of $16.60, while the dollar index fell 0.69% to 98.21 from the opening of 98.86. 

Earlier U.S. data showed unexpected drops in building permits and housing starts in April, while industrial production rose past expectations last month alongside the Capacity Utilization Rate. 

Additionally, the Atlanta Federal Reserve upgraded its forecasts for GDP growth in the second quarter to 4.1% from the previous forecast of 3.6%, while upgrading its real state investments forecasts to 8.3% from 6%. 

The string of disappointing U.S. data shaved the bets on a Federal Reserve rate hike in the June meeting, in turn nudging the dollar to its lowest since last November.

Also, concerns mounted about U.S. president Donald Trump's ability to enforce his economic agenda, after recent reports about him disclosing "highly classified information" to Russian diplomats in the White House last week, weighing on risk appetite and buoying demand on safe havens such as silver.