Silver gains ground as dollar retreats

2018-03-13 19:57:57 GMT (Economies.com)
Silver gains ground as dollar retreats

Silver futures rose in American trade as the dollar index fell off early March highs for the third straight session, following earlier data from the US, the world's largest economy. 

 

As of 06:10 GMT, silver futures due on May 15 rose 0.48% to $16.615 an ounce from the opening of $16.536, while the dollar index dipped 0.21% to 89.70 from the opening of 89.89. 

 

Earlier US data showed consumer prices slowed down to 0.2% as expected from 0.5% in January, while core prices slowed down as well to 0.2% from 0.3% in January. 

 

On a yearly basis, consumer prices accelerated to 2.2% as expected from 2.1% in January, while core prices steadied at 1.8% in line with expectations.

 

New Federal Reserve Chair Jerome Powell said in his Congress testimony that hiking interest rates four times this year would be considered a "gradual pace", bolstering expectations of a March rate hike. 

 

The economy created 313 thousand new jobs last month, while wages slowed down, confirming Powell's expectations that labor would strengthen further before improvements in wages. 

 

The Federal Open Market Committee will meet on March 20-21 under Powell for the first time, with policymakers expected to release three-year forecasts for inflation, growth, unemployment, and interest rates. 

 

US president Donald Trump said he settled on choosing Larry Kudlow as a replacement for Gary Cohn to head the economic team in the White House, hours after Trump abruptly fired Secretary of State Rex Tillerson and put in his place CIA Director Mike Pompeo, becoming another sign of instability in the administration. 

 
 
 
  Symbol Last Change Chg.%
1.1748
0.0117
1.0051%
1.3079
0.0010
0.0727%
14.296
0.229
1.624%
70.832
1.845
2.674%
78.76
0.06
0.08%
1199.070
5.295
0.444%
 
 
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