Silver On MCX Settled Down -0.81% t 38169

Silver on MCX settled down -0.81% at 38169 as the dollar rose as an influential Federal Reserve official reaffirmed the central bank's hawkish stance. New York Federal Reserve President William Dudley reinforced expectations that the U.S. central bank will continue on its path of tightening monetary policy. The dollar reached as comments from New York Federal Reserve President William Dudley, suggesting the central bank remains on track to raise U.S. interest rates further despite recent disappointing inflation data.

With inflation stubbornly soft despite a 16-year low in the U.S. unemployment rate, the Federal Reserve should move only slowly to raise interest rates and trim its massive bond portfolio, Chicago Fed President Charles Evans said. The two men in charge of Britain's economy are expected to spell out on Tuesday how they plan to prevent a further hit to its already weakened growth prospects following the launch of the country's historic Brexit talks.

The British and EU Brexit negotiators agreed how to organise talks on Britain's divorce at a first meeting in Brussels on Monday, where both sides stressed goodwill but also the huge complexity and tight deadline. Technically market is under long liquidation as market has witnessed drop in open interest by -0.34% to settled at 16273 while prices down -312 rupees, now Silver is getting support at 38054 and below same could see a test of 37940 level, And resistance is now likely to be seen at 38361, a move above could see prices testing 38554.

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Suhani Verma

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