Silver slides below $18 for fifth consecutive session

Silver futures fell in American trade to the lowest since the start of this month, bouncing off the highest since April 19 for the fifth session out six, even as the dollar ground lost ground today, following an array of data from the US, the world's largest economy. 

As of 07:08 GMT, silver futures due on December 15 fell 0.56% to $17.690 an ounce from the opening of $17.789, while the dollar index shed 0.27% to 91.88 from the opening of 92.12. 

Earlier US data showed retail sales down 0.2% in August, compared to a 0.3% advance in July, revised downwards from 0.6%, while analysts expected a 0.1% decline. 

Core retail sales slowed down in growth to 0.2% from 0.4%, already revised lower from 0.5%, as analysts expected a 0.5% rise, while the Empire State Manufacturing Index slipped to 24.4 in September from 24.4, passing expectations of 18.2.

US industrial production fell 0.9% in August, compared to a 0.4% rise in July, revised upwards from a 0.2% increase, while analysts expected a 0.1% rise. 

Additionally, the Capacity Utilization Rate fell to 76.1% from 76.9% in July, missing forecasts of 76.8%, while University of Michigan released its preliminary reading for the consumer sentiment survey, with a dip to 95.3 in September from 96.8 in July, revised lower from 97.6, while besting expectations of 95.1. 

The mostly disappointing data could impact policymakers' decisions at the Federal Open Market Committee meeting on September 19-20, at which Fed policymakers are expected to unveil their three year forecasts for growth, inflation, unemployment, and interest rates. 

It's worth noting that Chances of a Fed rate hike for a third time this year rose to 50.9% from 41.4% after strong inflation data yesterday, according to latest changes in financial bet markets. 

Otherwise, US Treasury Secretary Steven Mnuchin said earlier that tax reform plans will be announced on September 25, adding he supports the abolishing of the real state tax, and expounding on the shared efforts between Congress and the administration to draft up these plans, alongside corporate tax cut plans, and finally he noted that president Trump is more focused on economic growth rather than inflation.