The dollar recovered a bit overnight, and this sent gold and silver lower for the first time in two sessions and have given up a good portion of their gains for the week.
The news that China's industrial output grew at only 5.3% for January and February, the lowest gain in 17 years, lent support to the dollar.
Also, the latest vote in the UK Parliament rejecting a "hard Brexit" appeared to buy more time for an exit, which soothed safe-haven concerns. Parliament is expected to vote on a three-month delay later today.
Lackluster US economic data had supported the precious metals this week, as it reinforced the idea that Federal Reserve will be patient with their monetary policy. On Wednesday, US February PPI came in weaker than expected, up 0.1% versus expectations of +0.2%. The year-over-year rate was up 1.9%, the smallest annual increase since June 2017. This followed similarly tepid CPI data on Tuesday.
The next FOMC meeting is coming up on March 19-20, and the trade seems to be expecting a bearish announcement.
Coeur Mining has sent workers home from their Wharf mine in South Dakota for a couple of days due to the snowstorm in the region.
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