Silver steadies below $18 for fourth consecutive session

Silver futures declined to the lowest so far this month, moving farther away from recent multi-month highs even as the dollar index lost ground as well for the first session in four, following an array of data from the US and China, the world's two largest economies. 

As of 07:58 GMT, silver futures due on December 15 shed 0.24% to $17.825 an ounce from the opening of $17.867, while the dollar index tumbled 0.43% to 92.12 from the opening of 92.52. 

Earlier Chinese data showed industrial production slowed down to 6.0% y/y in August from 6.6%, while analysts expected a 6.6% growth rate, as fixed-asset investments slowed down as well to 7.8% from 8.3%, missing forecasts of 8.2%, and finally, retail sales slowed down to 10.1% from 10.4%, also missing expectations of 10.5%. 

Otherwise, earlier US data showed consumer prices accelerated to 0.4% from 0.2% in July, besting expectations of 0.3%, while core prices also accelerated to 0.4% from 0.1%, passing forecasts of 0.3%. 

On a yearly basis, consumer prices rallied to 1.9% from 1.7% in July, surpassing forecasts of 1.8%, as core prices steadied at 1.7%, still above forecasts of 1.6%.

Unemployment claims for the week ending September 9 fell to 284 thousand from 298K in the previous reading, below expectations of 300K. 

Upbeat US inflation 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. 

Chances of a Fed rate hike for a third time this year rose to 50.9% from 41.4%, according to latest changes in financial bet markets.