Silver On MCX Settled Up 1.67%

Silver on MCX settled up 1.67% at 39418 as lackluster U.S. data on inflation and retail sales saw investors temper expectations for more rate hikes by the Federal Reserve. Trump is being investigated by special counsel Robert Mueller for possible obstruction of justice, the Washington Post reported, citing unidentified officials.

The Fed raised interest rates for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and strengthening job market.

British Prime Minister Theresa May edged closer to clinching a deal to stay in power with the support of Northern Irish kingmakers on Wednesday, but faced a battle over Brexit just days before divorce talks are due to begin. U.S. consumer prices fell by 0.1% last month, disappointing forecasts for an increase of 0.1%, the Commerce Department said. Year-over-year, consumer prices were 1.9% higher from the same month a year earlier, missing expectations for a gain of 2.0%.

Consumer prices, excluding food and energy costs, inched up 0.1%, below forecasts for 0.2%. On an annualized rate, core CPI increased 1.7% last month, slowing from 1.9% in April. A separate report showed that retail sales fell 0.3% in May from the prior month, below forecasts for a gain of 0.1%. Core retail sales, which exclude automobile sales, decreased 0.3% in May.

Technically market is under short covering as market has witnessed drop in open interest by -7.58% to settled at 15279 while prices up 647 rupees, now Silver is getting support at 38891 and below same could see a test of 38365 level, And resistance is now likely to be seen at 39882, a move above could see prices testing 40347.

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Suhani Verma

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