Gold Silver Reports — Technically Silver market is getting support at 40287 and below same could see a test of 39980 level, And resistance is now likely to be seen at 41072, a move above could see prices testing 41640.
Silver on MCX settled up 1.38% at 40598 amid a slump in dollar, as investors mulled over the Fed’s more dovish than expected statement on the pace of rate hikes this year.
The Federal Reserve stuck a familiar tone in its statement on Wednesday, pointing out that interest rate increases will be gradual in 2017, and maintained its view of three rate hikes, with the remaining two rate hikes expected later this year.
Fed Chief Janet Yellen said in press conference, the US central bank would continue to provide accommodative monetary policy to support the US economy but warned against a prolonged period of lower rates in order to avoid a situation which forces the fed to “raise rates rapidly”.
Meanwhile a mixed batch of economic data had a muted effect on the precious-metal as it continued to trade near session highs. While the Commerce Department released a report showing a rebound in new U.S. residential construction in the month of February, the report also showed a sharp pullback in building permits.
The report said housing starts jumped by 3.0 percent to an annual rate of 1.288 million in February after slumping by 1.9 percent to a revised 1.251 million in January.
First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended March 11th, according to a report released by the Labor Department. The report said initial jobless claims edged down to 241,000, a decrease of 2,000 from the previous week’s unrevised level of 243,000. — Neal Bhai Reports
