Silver On MCX Settled Down -2.47%

Silver on MCX settled down -2.47% at 37826 pressured by a sharp uptick in U.S. bond yields in the wake of upbeat manufacturing activity suggesting that U.S. economic growth remained robust. Gold is set to make a negative start to the month, after better than expected manufacturing data fuelled U.S. rate hike expectations, underpinning a move higher in U.S. bond yields, lessening demand for non-interest bearing bullion.

The Institute for Supply Management said its manufacturing index rose to 57.8 last month from 54.9 in May. The measure now stands at its highest level since August 2014. The upbeat manufacturing data lifted U.S. 10-Year to a two-month high of 2.353, spurring a rally in the greenback against its rivals, adding further pressure on the precious metal. U.S. President Donald Trump spoke with German and Italian leaders on Monday, a White House official said, ahead of a summit of the Group of 20 leading economies this week that could expose his sharp differences with world powers on trade and other issues.

Euro zone growth is stronger than expected and this will enable the European Central Bank to slowly normalize its monetary policy and end a "crazy situation" of negative interest rates, German Finance Minister Wolfgang Schaeuble said on Monday. U.S. factory activity rose sharply in June to its highest level in almost three years suggesting economic growth in the second quarter gained some steam, while construction spending held steady in May.

Technically market is under fresh selling as market has witnessed gain in open interest by 27.79% to settled at 20085 while prices down -957 rupees, now Silver is getting support at 37460 and below same could see a test of 37093 level, And resistance is now likely to be seen at 38504, a move above could see prices testing 39181.

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Suhani Verma

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