Silver On MCX Settled up 0.63%

Silver on MCX settled up 0.63% at 38744 as political troubles in the United States dented the dollar while a more upbeat scenario in Europe lifted the euro. The dollar index slipped to the weakest in more than six months after two U.S. officials said President Donald Trump disclosed highly classified information to Russia's foreign minister about a planned Islamic State operation. Investors regarded Trump's difficulties as another obstacle to planned U.S. tax cuts and infrastructure spending which had boosted the dollar in the months following the November election.

At the same time, markets were cheered about the outlook for Europe after German Chancellor Angela Merkel and new French President Emmanuel Macron agreed to draw up a roadmap to deepen European Union integration, while economic growth data and German investor morale were strong. The U.S. economy is forecast to expand at a 4.1-percent annualized pace in the second quarter following the release of April figures on housing starts and industrial output, the Atlanta Federal Reserve's GDP Now forecast model showed. U.S. manufacturing production recorded its biggest increase in more than three years in April, bolstering the view that economic growth picked up early in the second quarter despite a surprise decline in homebuilding.

Trump asked then-FBI Director James Comey to end the agency's investigation into ties between former White House national security adviser Michael Flynn and Russia, according to a source who has seen a memo written by Comey. Technically market is under fresh buying as market has witnessed gain in open interest by 1.21% to settled at 19606 while prices up 242 rupees, now Silver is getting support at 38625 and below same could see a test of 38505 level, And resistance is now likely to be seen at 38820, a move above could see prices testing 38895.

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Suhani Verma

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