Silver futures surge over two percent past $17

Silver prices rallied over two percent in American trade as the dollar index hit its lowest since November 9 according to their inverse relation, amid a lack of data from the world's largest economy, and ahead of the Federal Open Market Committee's meeting minutes later this week. 

As of 06:34 GMT, silver futures due on July 15 rose 2.29% to $16.87 an ounce from the opening of $16.84, while the dollar index fell 0.18% to 96.97 from the opening of 97.11, marking a six-month low. 

On another note, investors followed Federal Reserve Bank of Philadelphia President Patrick Harker's speech about the link between physical and economic well being at the Jefferson College of Health Professionals, in Philadelphia, while Federal Reserve Bank of Minneapolis President Neel Kashkari delivered opening remarks at the Opportunity & Inclusive Growth Institute Conference, in Minneapolis.

Markets have priced in a rate hike by the Fed in the June meeting, ahead of the minutes of the last meeting, at which policymakers held interest rates unchanged at between 0.75% and one percent after growth slowed down to three-year low in the first quarter.