At 12:30 GMT, the US economy released its reading of the retail sales index for September, which rose by 0.7%, better than forecasts of 0.2%, and lower than the previous reading of a 0.9% after it was revised from 0.7%.

The core reading for retail sales index (excluding automobiles) was at 0.8%, better than forecasts of 0.5%, and lower than the previous reading of 2% after it was revised from 1.8%. This data is positive for the US dollar.

The US dollar fell against a basket of currencies on Friday, deepening its losses for the third straight day, while on track for the first weekly loss in a month and a half, due to the slowdown in demand, due to a drop in the US T-bond yields, and ahead of key US data on on retail sales during September.

The dollar index fell 0.2% to 93.85 points, after opening at 94.03 points, and hit a high at 94.06 points.

The index lost 0.1% yesterday, the second daily loss, and hit a week low at 93.75 points, due to a drop in the US Treasury bond yield.

The US dollar index fell 0.3% this week, to head for its first weekly loss in a month and a half, due to a slowdown in demand.

The 10-year US Treasury yield fell over 4.5% this week due to profit-taking from a 4-month high of 1.636%, in addition to the Federal Reserve minutes.

The minutes showed that US monetary policy makers remained divided over the high inflation and the extent of the need for an interest rate hike.

At 12:30 GMT, the monthly reading of the retail sales index is expected up by 0.2% in September from 0.7% in August, and the core reading (excluding auto sales) is expected up by 0.5% from a drop by 1.8%.

Silver prices fell on Friday, for the first time in 3 days, pulling back from the 1-month high hit earlier, on correction and profit-taking, but the precious metal remains on the cusp of the fourth straight weekly gain.

Silver prices fell 1.2% to $23.22 an ounce, after opening at $23.50, and hit a high of $23.59.

Silver closed higher by 1.8% yesterday, the second straight daily gain, as most dollar-denominated precious metals rose.

Silver is still 2.5% higher so far this week, on track for the fourth consecutive weekly gain, thanks to a drop in the US Treasury bond yield, and hopes for strong demand in China.

The 10-year US Treasury yield fell over 4.5% this week due to profit-taking from a 4-month high of 1.636%, in addition to the Federal Reserve minutes, which showed that US monetary policy makers remained divided over the high inflation and the extent of the need for an interest rate hike.

Silver prices are also being lifted by hopes of strong demand in China, after the government recently instructed companies to secure their needs before the winter season at any value.

Oil prices rose on Friday, for the third day in a row, as US crude jumped to its 7-year peak, and Brent crude rose to its 3-year high, due to concerns over supply shortages while demand accelerates, especially due to the global shifting from gas to oil, which offset the impact of the US crude inventories build.

US crude rose 1.1% to the highest since September 2014 at $82.28 a barrel, after opening at $81.45, and hit a low at $81.40, and Brent crude rose more than 0.9% to the highest since October 2018 at $85.08 a barrel, after opening at $84.28, and hit a low at $84.18.

The US crude gained 1.1% yesterday, and Brent rose 0.9%, in the second straight daily gain, especially due to a record rise in natural gas prices.

Oil prices are rising due to growing fears over a market deficit, especially after OPEC Plus alliance's recent decision to keep its current production policy without any new production hikes.

Meanwhile, global demand for oil is growing, especially due to the global shifting from gas to oil, after the recent record spike in natural gas prices.

The US Energy Information Administration reported yesterday that the crude inventories rose 6.1 million barrels to 427 million barrels during the week ending October 8, which is the highest level since the week ending August 2020, while analysts forecast a rise by 1.1 million barrels.

While the US output rose 100,000 barrels last week, with the total at 11.4 million barrels per day, which is the highest level since the week ending August 27.