Silver closes at nearly 2-week low

Silver futures closed lower on Tuesday, while the US dollar held against most of its peers, ahead of the Federal Reserve's interest rate decision.

The US producer price index rose 0.8% in May, beating forecasts of a rise by 0.5%, and the core reading rose by 0.7%, higher than forecasts of 0.5%.

The US retail sales index fell 1.3% in May, worse than forecasts of drop by 0.6%, and the core reading fell 0.7%, missing forecasts of a rise by 0.4%.

The US Fed is meeting today to decide on monetary policy and provide clarity over the future of monetary policy in the US, amid expectations to keep the interest rate between 0.0% and 0.25% unchanged. 

The dollar index rose against a basket of major currencies by less than 0.1% to 90.5 points as of 20:08 GMT, after hitting a high of 90.6 points and a low of 90.3 points.

Silver July futures fell 1.2% or 35 cents, and closed at lowest level since June 3 at $27.69 an ounce.