Silver On MCX Settled Down -1.7% At 41379

Silver on MCX settled down -1.7% at 41379 as the safe haven demand faded and the dollar index climbed to three-week highs. Earlier in the day prices rallied as investors looking for safety piled into the precious metal after the United States fired dozens of cruise missiles at a Syrian airbase, escalating tensions with Russia and Iran. Russia, a staunch ally of Syria, said the strike had seriously damaged relations between Washington and Moscow after the U.S. retaliated over a deadly chemical attack on a rebel-held area. 

U.S. employers added the fewest number of workers in 10 months in March which is most attractive to investors in a low interest rate environment. The Bureau of Labor Statistics reported, Nonfarm payrolls grew by just 98,000 in March, well below expectations of 180,000, but the unemployment rate fell to a 10-year low of 4.5%.Bullion is often used as a hedge against political and financial uncertainty and security risks. It has benefited alongside other assets considered safe, such as the yen and U.S. Treasury bonds. 

Gold was also underpinned by investors looking for safety after the United States fired cruise missiles at a Syrian air base, escalating tensions with Russia and Iran. Investors were cautious ahead of the meeting between U.S. President Donald Trump and Chinese President Xi Jinping, but Trump said on Friday he had made progress in talks and expected them to overcome many problems. Technically market is under fresh selling as market has witnessed gain in open interest by 9.82% to settled at 13375 while prices down -714 rupees, now Silver is getting support at 40860 and below same could see a test of 40342 level, And resistance is now likely to be seen at 42164, a move above could see prices testing 42950.

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Suhani Verma

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