Silver prices rose as dollar and bond yields ease.

  • Kedia Advisory
  • Commodities News
Silver prices rose as dollar and bond yields ease.
Credit: © Reuters.

Silver yesterday settled up by 0.31% at 70235 as China concerns persisted and the dollar and bond yields eased from recent highs, helping increase bullion's appeal. The 10-year U.S. Treasury yield fell back below 4.3 percent, after settling at the highest since November 2007. New jobless claims data pointed to a still-tight labour market and a gauge of regional manufacturing activity rebounded in August to show its first positive reading in nearly a year, keeping alive fears of interest rates remaining higher for longer. 

Risk-off sentiment prevails in financial markets amid concerns about spreading debt defaults in China's property market and shadow banking industry. China's property developer Evergrande filed for bankruptcy protection in a U.S. court, raising concerns about ripple effects. Industrial production in the United States rose 1 per cent from a month earlier in July 2023, the most in six months and following and above market expectations of a 0.3 per cent increase. Manufacturing output rose 0.5 per cent, beating expectations of a flat reading, as the production of motor vehicles and parts jumped 5.2 per cent, while factory output elsewhere edged up 0.1 per cent. 

Technically market is under short covering as the market has witnessed a drop in open interest by -6.19% to settle at 14050 while prices are up 217 rupees, now Silver is getting support at 69965 and below the same could see a test of 69700 levels, and resistance is now likely to be seen at 70500, a move above could see prices testing 70770.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles