Silver settles higher as dollar backs off two-month high

Silver futures tilted higher in Asian trade as the dollar index backed off December 17 highs for another session, ahead of important US inflation data later today. 

As of 05:28 GMT, silver futures due in March rose 0.16% to $15.72 an ounce, while the dollar index shed 0.05% to 96.66 off two-month highs. 

Now investors await US data on inflation, with consumer prices expected up 0.1%, compared to a 0.1% dip in December, while core prices are estimated with a 0.2% increase, same as December. 

US President Donald Trump said the truce deadline by early March is not the final stretch and could be extended, after announcing that he will meet his Chinese counterpart in March to solve the dispute. 

Federal Reserve Chair Jerome Powell noted yesterday that economic data indicate the US economy is in a good position and the unemployment rate at half-decade lows, while dismissing the possibility of a recession. 

Former Federal Reserve Chair Janet Yellen surprised the markets by saying the next move by the Fed will probably a rate hike as the global economy slows down and weighs on the US.