Silver muscles up 1% to one-month high

Silver futures rose over one percent in American trade to the highest since October 16, heading for the second weekly profit in a row, as the dollar index lost ground away from four-month highs, following earlier data from the US, the world's largest economy. 

As of 08:04 GMT, silver futures due on December 15 rose 1.34% to $17.300 an ounce from the opening of $17.072, while the dollar index shed 0.31% to 93.64 from the opening of 93.93. 

Earlier US data showed housing starts surged 13.7% in October to 1.290 million units, compared to a 3.2% decline in September to 1.135 million, while analysts expected a 5.6% rise to 1.190 million.

Building permits rose 5.9% to 1.297 million units, compared to a 3.7% drop in September to 1.225 million, beating expectations of a 2.0% rise to 1.250M. 

On Thursday, the House of Representatives passed the tax reform bill by a 227-205 margin, shifting the legislative final struggle to the Senate, amid concerns the upper house could delay the reforms supported by president Donald Trump, which would cut the corporate tax rate to 20% from 35%, until 2019.