Silver On MCX Settled Up 0.13%

Silver on MCX settled up 0.13% at 38355 supported by an easing dollar, with investors looking to a speech by Fed’s Yellen for clues on the outlook for U.S. monetary policy. The dollar fell sharply, boosting demand for the precious metal, as traders digested comments from Fed chair Janet. 

Fed chair Janet Yellen offered relatively little on monetary policy but reiterated that it was appropriate to raise interest rates “very gradually to a level that [is] likely to remain quite low by historical standards for a long time”.

Yellen noted that inflation expectations “has continued to run below our [the fed’s] objective”, asserting that the central bank wanted to avoid a scenario in which inflation expectations continued to slip. Yellen speech came ahead of comments from Philadelphia Fed President Patrick Harker, who downplayed the recent dip in inflation as transitory and remained adamant that the Federal Reserve is on the right path concerning monetary policy.

Elsewhere, upbeat consumer confidence data had muted effect on gold futures, despite expectations for consumer confidence to drop it rose to 118.9 in June. New orders for U.S. manufactured durable goods fell by more than expected in the month of May, according to a report released by the Commerce Department.

Technically market is under short covering as market has witnessed drop in open interest by -7.31% to settled at 13140 while prices up 51 rupees, now Silver is getting support at 38182 and below same could see a test of 38008 level, And resistance is now likely to be seen at 38523, a move above could see prices testing 38690.

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Suhani Verma

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