Silver MCX Tips Today : Silver mcx yesterday settled down by 1.08% at 69372 as demand for the safe haven asset dropped following a jump in U.S. Treasury yields.
Silver MCX Tips Today
Expectations about the economic recovery gathering momentum, reports showing a drop in coronavirus cases, and speedier vaccination efforts also contributed to decline.
On the economic front, a report released by the Federal Reserve Bank of New York showed manufacturing activity in New York grew at its fastest pace in months in February.
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- Silver trading range for the day is 67000—72000.
- Silver prices closed lower as demand for the safe haven asset dropped following a jump in U.S. Treasury yields.
- The U.S. dollar index, held near a two-week low as vaccine optimism boosted the British pound to an almost three-year high.
- Investors reacted to the rapid rollout of Covid-19 vaccines and the possible easing of lockdown restrictions in England.
The New York Fed said its general business conditions index climbed to 12.1 in February from 3.5 in January, with a positive reading indicating growth in regional manufacturing activity. With the much bigger than expected increase, the general business conditionsindex reached its highest level since hitting 17.0 last September.
Investors reacted to the rapid rollout of Covid-19 vaccines and the possible easing of lockdown restrictions in England. U.K. Prime Minister Boris Johnson said that his government will be “very prudent” in relaxing restrictions as it wants to ensure irreversible progress.
The PM plans to unveil his roadmap for gradually easing restrictions on February 22. Reflecting a notable deterioration in expectations, the University of Michigan released a report showing an unexpected decrease in U.S. consumer sentiment in the month of February.
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