Silver rallies over 1% on haven demand

Silver futures rallied over one percent in American trade as the dollar index fell for the second straight session, following an array of data from China and the US, the world's largest economy. 

As of 06:59 GMT, silver futures due on December 15 rose 1.52% to $17.255 an ounce from the opening of $16.977, while the dollar index shed 0.15% to 93.22 from the opening of 93.36. 

Earlier data from the China, the world's largest metals consumer, showed the seasonally adjusted reading for third quarter GDP with a 1.7% growth rate in line with expectations, down from 1.8% in the second quarter, while on a yearly basis, growth slowed down as well to 6.8% to 6.9%, as both retail sales and industrial production accelerated in September. 

Similarly, China's central bank governor said the bank is not concentrating on raising yuan-denominated trade, noting that increasing them is not a crucial issue for the bank, which is more interested in facing economic risks by tackling them from the roots, while warning from overly optimistic economic thinking and the surging corporate debt in China. 

Otherwise, earlier US data showed unemployment claims down to 222 thousand from 244 thousand, below expectations of 240K, while the Philly manufacturing index jumped to 27.9 in October from 23.8 in September, besting expectations of 21.9, as the CB leading index dipped unexpectedly in May. 

President Donald Trump is scheduled to meet with Federal Reserve Chair Janet Yellen later, as he convenes with several possible candidates for the job of Fed Chair to take over after Yellen's term ends next February, with a decision expected in the next few days from the White House. 

On another note, North Korea threatened to attack the US if the military drills with South Korea continued, in turn buoying the gold as a safe haven, as Pyongyang accuses the US and North Korea of instigating war in the region.

Korean tensions has flared recently and several missile tests, including a nuclear one last month, and two missiles flying over Japanese land, while on the same subject, Russian president Vladamir Putin condemned Pyongyang's nuclear tests, asserting the importance of solving the crisis through talks.