Silver On MCX Settled Up 0.29%

Silver on MCX settled up 0.29% at 37452 as investors digested the latest minutes from the Federal Reserve while awaiting fresh U.S. economic reports. However, downside seen limited downbeat initial jobless claims and private sector payrolls data curbed investor expectations about the pace of rate hikes this year. 

The ADP National Employment Report showed private sector payrolls increased by 158,000 jobs last month, lower than the 230,000 positions created in May and below expectations for a gain of 185,000.

In a separate report, the Labor Department said initial claims for state unemployment benefits increased 4,000 to a seasonally-adjusted 248,000 for the week ended July 1. It was the third straight weekly increase in claims. Meanwhile, data showing an improvement in non-manufacturing economic activity for June, which rose to 57.4, failed to dent investor sentiment on bullion.

The release of mixed economic data came a day after the minutes from the Federal Reserve’s June 13-14 revealed that fed policymakers were split on the outlook for inflation and how it might affect the future pace of interest rate rises. European Central Bank policymakers are open to a further step towards reducing their monetary stimulus but are likely to move slowly out of fear of causing market turmoil, minutes of their last meeting showed.

Technically market is under short covering as market has witnessed drop in open interest by -0.92% to settled at 21684 while prices up 110 rupees, now Silver is getting support at 37317 and below same could see a test of 37181 level, And resistance is now likely to be seen at 37593, a move above could see prices testing 37733.

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Suhani Verma

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