Silver rebounds from 2-1/5 year lows, dollar flat

Silver futures rose over one percent in American trade off February 3, 2016 lows, as the dollar index traded mostly flat but within eyesight of 14-month highs, following earlier housing and labor data from the US today. 

As of 06:14 GMT, silver futures due in September rose 1.32% to $14.64 an ounce off 2-1/5 year lows, as the dollar index traded near the previous close at 96.72, not far from a 14-month peak. 

Earlier US data showed housing starts rose 1.5% to an annualized 1.311 million units in July, edging out estimates of a 1.4% increase to 1.310 million. 

Building permits rose 0.9% last month to an annualized 1.168 million units, compared to a 12.9% slump in June to 1.158 million, while missing expectations of a 7.4% increase to 1.260 million. 

An index tracking the manufacturing sector in Philadelphia fell to 11.9 from 25.7 in July, missing estimates of 21.9.  

US unemployment claims fell a thousand to 212 thousand in the week ending August 11, compared to 214 thousand in the previous reading, while analysts expected 215 thousand. 

Continuing claims fell 39 thousand in the week ending August 4 to 1.721 million from 1.760 million, beating estimates of 1.740 million. 

Otherwise, the Wall Street Journal reported that US and Chinese officials are meeting for new trade negotiations on August 22-23 in an attempt to prevent a developing trade war between the world's two largest economies.