Gold Silver Reports (GSR) – Silver on MCX settled down -0.23% at 39793 tracking weakness in base metals prices weighed down by a stronger dollar. Investor appetite for safe heavens such as gold, yen and Treasuries, were scaled back by sentiment for riskier assets, triggering an uptick in U.S. bond yields and forcing gold prices lower.
Technically Silver market is under fresh selling as market has witnessed gain in open interest by 1.11% to settled at 16722 while prices down 92 rupees.
MCX Silver Price is getting support key @ ₹39420 and below same could see a test of ₹39180 levels and resistance key level @ ₹40200, a move above could see prices testing ₹40635.
The uptick in U.S. Treasury bond yields, which trade inversely to bond prices, were also supported by an increase in supply as a fresh round of the Treasury auctions slated for this week got underway Tuesday.
The Trump administration raised the stakes in its trade war with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports.
Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of U.S. exports to China.
Britain’s economy picked up a bit of speed in May after slowing in early 2018, according to official figures that will give the Bank of England more confidence about raising interest rates next month for only the second time in over a decade.
