MCX Silver Price Target; Enjoy or Not High 68104 – Neal Bhai Reports

MCX Silver Price Target: Silver yesterday settled up by 0.21% at 68684 as retreating U.S. Treasury yields and a softer dollar bolstered the metal’s appeal.

MCX Silver Price Target

  • MCX Silver Tips and Trading zone for today 68100—69945.
  • Silver prices gained amid as retreating U.S. Treasury yields and a softer dollar bolstered the metal’s appeal.
  • Federal Reserve Chairman Jerome Powell reiterated his dovish stance on monetary policy and emphasized that any increase in inflation should be transitory.
  • A report released by the Commerce Department U.S. housing starts skyrocketed by 19.4% to an annual rate of 1.739 million in March.

Benchmark U.S. bond yields hovered near a one-month low hit in the previous session, while the dollar edged lower against its rivals. Federal Reserve Chairman Jerome Powell reiterated his dovish stance on monetary policy and emphasized that any increase in inflation should be transitory.

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He also said the central bank will reduce its bond purchases before it commits to an interest rate increase. In U.S. economic news, a report released by the Commerce Department U.S. housing starts skyrocketed by 19.4% to an annual rate of 1.739 million in March after plunging by 11.3% to a revised rate of 1.457 million in February.

A report from the University of Michigan said the consumer sentiment index rose to 86.5 in April after soaring to 84.9 in March. Economic activity in the U.S. accelerated to a moderate pace from late February to early April, according to the Federal Reserve’s Beige Book.

The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, highlighted improvement in a variety of areas, including consumer spending, auto sales and manufacturing activity. The Fed also noted reports on tourism were more upbeat, bolstered by a pickup in demand for leisure activities and travel.

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MCX Silver Price Target; Enjoy or Not High 68104 – Neal Bhai Reports via @goldsilverrepor
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