Silver prices recovered moderately and settled with a gain nearly +0.70% to settled at 53544 overall support on domestic market was was due to rupee weakness where rupee slid fell to its lowest in more than a week yesterday after data showing a fall in inflation in China and weaker than expected US jobs growth data sent global risk assets lower. Bullion's safe haven appeal was boosted as the yield on Spain's 10-year government bonds climbed to 7.11% vs 7% widely seen as unsustainable, ahead of a meeting of euro zone FM. Euro zone officials were expected to discuss a plan announced last month and designed to help the region's indebted countries and their struggling banking systems. Meanwhile, bullion traders already shifted their focus to the release of the minutes of the Fed's most recent policy meeting, which could show whether the central bank is leaning toward more stimulus to boost growth. Although the employment report was weaker than expected, many investors said it was not bad enough to spur the Fed to launch a QE3. Moves in the gold price this year have largely tracked shifting expectations as to whether the US central bank would pump more money into the financial system. Now technically market is getting support at 53285 and below could see a test of 53027 level, And resistance is now likely to be seen at 53691, a move above could see prices testing 53839.
Silver trading range for the day is 53027-53839.
Silver prices rose after Japan's poor jobs numbers & US refueled talk the Fed will move to stimulate.
Market sentiment steadied as traders were awaiting a meeting of euro zone finance ministers.
Holdings at ishares silver trust gained by 48.26 tonnes to 9729.89 tonnes
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