Silver On MCX Settled Down -0.58% At 37789

Silver on MCX settled down -0.58% at 37789 tracking weakness from Gold as safe-haven demand for bullion continued to fade in the wake of Emmanuel Macron's victory in the French election and as expectations for tighter U.S. monetary policy lifted bond yields. Prices were little changed with weakness as subdued response to the French election. Silver continues to trade at 2017 lows, having declined roughly 12% from last month’s peak. Precious metals are being pressured by risk appetite in the financial markets following round one of the French presidential election April 23. With Emmanuel Macron securing the presidency on Sunday, the threat of an imminent EU crisis involving France has faded. In theory, this should give investors more breathing room to drive equity prices higher. Now Investors were looking ahead to U.S. interest rate rises that would pressure gold as they tend to push up bond yields and strengthen the dollar.

The president of the Cleveland Federal Reserve said on Monday further increases were warranted, while the head of the St. Louis Fed said strong bond demand and sluggish workforce growth would limit rate rises. While US bond yields hit a five-week high and the dollar strengthened as interest rate futures implied traders saw an 83 percent chance the Fed would raise rates by a quarter point at a meeting in June. Technically market is getting support at 37621 and below same could see a test of 37452 level, And resistance is now likely to be seen at 38058, a move above could see prices testing 38326. 
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Suhani Verma

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