Gold Silver Reports ✅ — Technically Silver market is under fresh selling as market has witnessed gain in open interest by 2.05% to settled at 12179, now Silver is getting support at 41800 and below same could see a test of 41610 level, And resistance is now likely to be seen at 42368, a move above could see prices testing 42590.
Silver on MCX settled down -0.39% at 42270 as new applications for U.S. unemployment benefits last week recorded their biggest drop in nearly two years. The U.S. Department of Labor reported that initial jobless claims decreased by 25,000 to 234,000 in the week ending April 1 from the previous week’s revised total of 259,000.
Meanwhile, expectations of June rate hike grew, after the Federal Reserve released the minutes from its March meeting on Wednesday. The Federal Reserve said that it would start to unwind its $4.5 trillion balance sheet “later this year” and maintained its view, rate hikes would be gradual.
At the March 14-15 meeting, FOMC members voted at the meeting to raise interest rates a quarter-point while projecting two further rate hikes this year. There was detailed discussion of ending the reinvestment policy, with policy makers unsure whether to phase out reinvestment of principal payments or cutting them off at once by year’s end.
It would make sense if the U.S. economy continues to grow for the Federal Reserve to begin trimming its $4.5 trillion balance sheet towards the end of this year, unwinding extraordinary stimulus deployed during the crisis, John Williams, president of the San Francisco Federal Reserve Bank said.
The Fed’s decision to reduce its massive asset holdings will set off a complex dance with global investors and the U.S. Treasury as it tries to put a final end to policies used to fight the 2007 financial crisis without upending the economy along the way. — Neal Bhai Reports