Silver on MCX settled up 0.94% at 40791 as investors were uncertain whether the U.S. central bank would signal a tighter future monetary policy at a meeting. The U.S. Federal Reserve will likely raise its target interest rate to above the rate of inflation for the first time in a decade this week, seeking to sustain the second-longest U.S. expansion on record while continuing to edge rates higher. U.S. inflation expectations were flat in May after several months of gains, while Americans grew more pessimistic about income and spending growth, according to a Federal Reserve Bank of New York survey.
Trading Ideas:
* Silver trading range for the day is 40258-41086.
* Silver prices remained supported as investors were uncertain whether the U.S. central bank would signal a tighter future monetary policy at a meeting.
* With no major U.S. economic reports, market participants were busy digesting the increased trade tensions that came out of the G7 summit over the weekend.
* The Fed’s two-day meeting will kick off with almost certain to raise interest rates by a quarter point for a second time this year.
0 comments:
Post a Comment