Textile stock jumps after signing MoU with Government of Tamil Nadu to expand its production
Silver yesterday settled up by 0.04% at 77079 as the dollar remained weak as the Fed's hints of a pause and jobs data that implied a resilient U.S. labour market triggered uncertainty over the future course of monetary policy in the U.S. The solid jobs data had renewed fears of the Fed raising rates further. The renewed focus on jobs data came amidst the Fed's stance that it would monitor the implications of incoming information including readings on labor market conditions. Investors fled out of regional banking shares after a group of lenders sought outside investment and raised fears of a second round of banking collapses, triggering a fresh flight to safe assets.
Besides concerns of financial instability, recent signs of a slowing job market prompted investors to bet on multiple rate cuts by the Fed this year, which pressure the dollar and decrease the opportunity cost of holding non-interest-bearing assets. The central bank hiked its funds' rate by 25bps this month and refrained from signalling further tightening. Perth Mint's gold product sales in April fell more than 6% from the previous month, while those of silver rose to their highest since October last year. Monthly Silver sales, rose 6.8% monthly to 1,947,743 ounces.
Technically market is under fresh buying as the market has witnessed a gain in open interest by 4.17% to settle at 19399 while prices are up 32 rupees, now Silver is getting support at 76846 and below same could see a test of 76613 levels, and resistance is now likely to be seen at 77356, a move above could see prices testing 77633.