MCX Silver Technical Report : Technically Silver market is under short covering as market has witnessed drop in open interest by 1.21% to settled at 61909 while prices up 841 rupees.
MCX Silver Technical Report, friday settled up by 0.23% at 61676 after prices traded in a range tracking a subdued dollar, but fading chances of an U.S. stimulus agreement before the presidential election kept bullion on track for its first weekly decline in three.
Stronger-than-expected U.S. retail sales report lifted appetite for riskier assets, but factory production unexpectedly fell in September. Democrats and Republicans seemed unlikely to agree on a U.S. stimulus deal before the Nov. 3 election even as coronavirus cases continue to rise and a labour market recovery stalls.
The U.S. budget deficit hit a record $3.132 trillion during fiscal 2020, more than triple the 2019 shortfall, as a result of massive coronavirus rescue spending, the U.S. Treasury said.
The deficit more than doubled the previous record of $1.416 trillion in fiscal 2009, when the United States was battling a financial crisis. At the start of the 2020 fiscal year ended Sept. 30, the U.S. government had been forecast to rack up a $1 trillion deficit before coronavirus lockdowns began in March.
In September, the year’s final month, the U.S. budget deficit was $125 billion, compared with an $83 billion surplus in September 2019, the Treasury said. September receipts totaled $373 billion, just $1 billion below a year earlier as higher Federal Reserve earnings and excise tax collections made up for lower personal and corporate income tax receipts.