Silver on track for third weekly loss in row, dollar powers up

Silver futures fell nearly one percent to September 11 lows, when they plumbed January 2016 lows, while the dollar index rebounded from July 31 lows, following earlier data from China, the world's largest metals consumer, and the US. 

As of 05:30 GMT, silver futures due in December fell 0.87% to $14.12 an ounce away from September 4 highs, while the dollar index rose 0.42% to 94.92 against a basket of major rivals. 

Chinese Data 

Earlier Chinese data showed the unemployment rate down to 5.0% from 5.1%, while retail sales rallied 9% y/y, slowing down from 8.8% in July. 

China's industrial output rose 6.1% y/y in August, up slightly from 6.0%, while fixed-income investments rose 5.3%, slowing down from 5.5%. 

US Retail Sales, Industrial Data 

Earlier US data showed retail sales rose 0.1%, slowing down sharply from 0.7% in July, and missing estimates of 0.4%. 

Import prices fell 0.6% m/m, compared to no change in July, while analysts expected a 0.2% drop. 

US industrial production rose 0.4% in August, same as July, and beating estimates of a 0.3% increase. 

The capacity utilization rate rose to 78.1% from 77.9% in July, missing  estimates of 78.3%. 

University of Michigan released its survey on consumer sentiment, showing a surge to 100.8 in September, the best in six months, from 96.2 in August, beating estimates of 96.7. 

US President Donald Trump tweeted yesterday: "we are under no pressure to make a deal with China, they are under pressure to make a deal with us. Our markets are surging, theirs are collapsing. We will soon be taking in Billions in Tariffs & making products at home. If we meet, we meet?", weighing on silver and other metal prices.