Silver surges over 1% after disappointing US data

Silver futures rallied over one percent in American trade as the dollar index gave up ground today, following a spate of earlier data from the US, and ahead of the Federal Open Market Committee's minutes for the July 25-26 meeting.

As of 06:40 GMT, silver futures due on September 15 rose 1.32% to $16.935 an ounce from the opening of $16.714, while the dollar index inched up 0.04% to 93.82 from the opening of 93.85. 

Earlier US data showed building permits fell more than expected as housing starts declined unexpectedly in July, as markets now await the Fed's last meeting minutes, at which policymakers voted to maintain interest rates at between 1.00% and 1.25%, while confirming their plan to normalize the massive $4.5 balance sheet later this year.