Silver settles higher, dollar inches down

2018-10-12 09:23:37 GMT (
Silver settles higher, dollar inches down

Silver futures tilted higher in Asian trade as the dollar index inched lower, following trade data from China, the world's largest metals consumer, and ahead of US import prices, consumer sentiment data, while markets await the G20 meeting for finance ministers in Bali.


As of 05:20 GMT, silver futures due in December rose 0.06% to $14.62 an ounce, while the dollar index shed 0.05% to 94.97, marking September 28 lows. 


Earlier Chinese data showed the trade surplus widened to 213 billion yuan, or $30.9 billion, from 180 billion yuan, or $26.1 billion in August, easily beating estimates of $12.3 billion. 


Now investors await US imports prices data, expected with a 0.3% monthly increase in September, compared to a 0.6% dip in August, while expected with a 3.1% yearly increase, down from 3.7%. 


The UoM consumer sentiment survey is expected to increase to 100.4 from 100.1 in September. 


Silver prices marked the best performance yesterday since late September, as investors shun risks and the stock markets tumble globally. 


US President Donald Trump renewed his criticism of the Federal Reserve's policy tightening, accusing them and the treasury department of making the most problems for America, even over the trade dispute with China. 


In a Pennsylvania rally, Trump said the Federal Reserve has gone "crazy" with its latest rate hikes, while noting that stocks are undergoing a normal correction after a succession of record highs. 


Otherwise, International Monetary Fund head Christine Lagarde expressed her support for China's moves to maintain the flexibility of its exchange rate, while noting the Fed's decisions shouldn't be considered "crazy". 


On Sunday, the People's Bank of China cut reserve requirements for Chinese banks for the fourth time this year amid attempts to ease policies and bolster spending. 


The IMF cut its forecasts for global growth for this year and the next for the first time in two years, with US and Chinese economies the most important downgrades alongside the euro zone due to rising trade protectionism. 

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