Silver settles above $15, dollar scales another year peak

Silver futures rose for the first time in three sessions off April 6, 2016 lows, as the dollar index scaled June 27, 2017 highs, following earlier data from China, the world's largest metals consumer, and the US. 

As of 05:38 GMT, silver futures due in September rose 0.49% to $15.05 an ounce, while the dollar index added 0.32% to 96.70 against a basket of major rivals, marking over 13-month highs. 

Earlier data from China showed the unemployment rate rose to 5.1% in July from 4.%, while retail sales rose 8.8% y/y, slowing down from 9.0%, and missing estimates of 9.2%. 

Industrial production rose 6.0% y/y with no change, missing estimates of 6.3%. 

The National Bureau of Statistics of China said the country's economic growth is still in the moderate range, expecting increased infrastructure investments in the second half of the year, while calling for a deeper assessment of the impact of the US-China trade dispute on the local economy. 

US Data

Otherwise, earlier US data showed import prices unchanged in July, compared to a 0.1% m/m dip in June, and missing estimates of a 0.1% increase, while prices excluding petroleum slipped 0.1%, compared to a 0.4% decline in June. 

On a yearly basis, prices rose 4.8% last month, up from 4.7% in June, and beating estimates of 4.5%. 

On another note, the Congressional Budget Office warned from slowed growth in 2019 and subsequent years as the impact of financial stimulus diminishes, with the office forecasting a 3.1% growth rate in 2018, up from 2.2% in 2017 as tax cuts and government spending prop up the economy. 

The office expects a 2.4% growth rate in 2019 as business investments and government spending recedes, while forecasting an average rate of 1.7% for the period ranging from 2023 to 2028.