Gold Silver Reports (GSR) – Last night the US dollar index gained 0.48% to close at 94.96 on Federal Reserve Board chairman Jerome Powell’s remarks that back more rate increases as the economy is growing “considerably stronger”. Robust data from the US industrial production and home builder confidence also provided support.
MCX Zinc Price getting support key @ ₹ 172 and below same could see a test of ₹ 169 level, And resistance key is now likely to be seen @ ₹ 177, a move above could see prices testing ₹ 180.
Base metals saw mixed trading on the impact of trade war and slower growth of China’s economy. LME aluminium lost 1.5%, copper and nickel edged down, while zinc rebounded over 1%, and lead and tin gained slightly. Copper and zinc touched a low in nearly a year overnight.
Nickel and aluminium dipped to the lowest levels in four months. Meanwhile the US industrial production rose 0.6% last month after falling 0.5% in May. This was buoyed by a sharp rebound in manufacturing and further gains in mining output, the latest sign of robust economic growth in the second quarter.
