Silver slips despite dollar's drop for the fourth straight session

Silver futures fluctuated lower in a tight range during the Asian session to reflect its bounce in the ninth session of 16 from its highest since March 26, shrugging off dollar's 5-session drop[ from its highest since June 19, despite the inverse relation between them following the developments and economic data released by the Chinese economy, the largest consumer of metals globally and on the threshold of developments and economic data expected on Monday by the US economy, the largest economy in the world.

As of 05:01 GMT, silver futures (September delivery) fell 0.13% to currently trade at $15.22 per ounce from the opening at $15.24, while the dollar index fell by 0.01% to 96.83 compared to the opening at 96.84.

We followed the National Bureau of Statistics (NBS) survey for China of the seasonally adjusted GDP for the second quarter, which showed that growth accelerated to 1.6% from 1.4% in the first quarter, lower than expectations of a 1.5% growth rate. while the annual reading for the same index fell to its lowest level in 27 years at 6.2% in line with expectations compared to 6.4% in the previous annual reading for the first quarter.

In the same context, the Office also revealed the annual reading of the retail sales index, which showed that growth accelerated to 9.8% compared to 8.6% in the previous annual reading for May, contrary to expectations that indicated a slowdown in growth to 8.5%, as the annual reading of industrial production grew to 6.3% versus 5.0%, beating expectations of 5.2%, while the unemployment rose to 5.1% from 5.0% in May.

On the other hand, investors are currently looking ahead for the US economy, the largest industrial nation in the world, to release its reading for the New York Industrial Index, which may reflect the contraction of the widening to 12.1 vs. 17.8 in May, before we see the Federal Open Market Committee member and the President of the Bank of New York Federal Reserve John Williams speech at the London Inter-bank Offer Rate Transition Briefing, in New York.