Gold Silver Reports (GSR) – Silver on MCX settled up 0.28% at 39228 as the dollar fell sharply on the back of a resurgent euro, paving the way for bullion prices to pare some of its recent losses but gains in prices were limited by mostly upbeat U.S. economic data, reaffirming investor expectations for a faster pace of rate hikes.
MCX Silver is getting support kye @ ₹ 39100 and below same could see a test of ₹ 38720 levels and resistance key is now likely to be seen @ ₹ 39444, a move above could see prices testing 39742.
Investors liquidated bullion to cover margins and sought safe havens in U.S. Treasuries and the dollar amid a looming U.S.-China trade war. Expectations that the U.S. Federal Reserve would increase interest rates twice more this year further pressured prices.
Read More: Red Alert : MCX Gold Silver Main Kohram Machega, Buyer Rahe Savdhaan – Neal Bhai Reports
The Federal Reserve’s preferred inflation measure – the personal consumption expenditures (PCE) price index excluding food and energy – rose 2% in the 12 months through May. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose by 0.2% last month, the Commerce Department said, missing expectations for a 0.4% rise.
Investors are now following the ongoing European Union Economic Summit, which finished its second day in Brussels with many issues discussed such as immigration, Brexit, defense and economy, with the leaders already reaching an immigration deal on Thursday. – Neal Bhai Reports (NBR)
