Silver on MCX settled down -0.67% at 46501 despite Gold rose as a retreat in the dollar helped it build on last week's gains but moves were muted with markets awaiting a U. S. presidential debate for pointers as to the outcome of November's election. Last week precious metal rose its biggest weekly gain in nearly two months, thanks chiefly to the U. S. Federal Reserve's cautious tone on interest rates after its policy meeting on Wednesday. The precious metal is sensitive to moves in U. S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. The Fed has policy meetings scheduled in early November and mid-December. Economists believe policymakers would avoid a rate hike in November in part because the meeting falls just days before the U. S. presidential election. Markets are currently pricing in just a 12% chance of a rate hike at November's meeting, For December, odds stood at around 54%. In the week ahead, market players will be turning their attention to fresh comments from Fed amid ongoing uncertainty over the timing of the next U. S. rate hike. Meanwhile, investors will be focusing on a pair of speeches from ECB President Mario Draghi for fresh hints on whether the ECB will step up monetary stimulus in the coming months to boost inflation and prop up the economy. In addition, remarks by Bank of Japan Governor Haruhiko Kuroda will be eyed in wake of last week's decision by the BOJ to modify its policy framework. Another big event for markets could be the first U. S. presidential debate from Monday. Technically market is getting support at 46274 and below same could see a test of 46047 level, And resistance is now likely to be seen at 46764, a move above could see prices testing 47027.

Trading Ideas:

Silver trading range for the day is 46047-47027.

Silver dropped with focus switching to a U. S. presidential debate which could prove a key pointer to the outcome of November's election.

New U. S. single-family home sales posted their biggest decline in nearly a year in August after soaring to nine-year highs the month before.

Uncertainty gripped as investors braced for a potentially pivotal U. S. presidential debate by shunning stocks while favouring safe haven assets.