Silver drop by -0.34% to settled at 62105 fallen as pressure seen after rupee rallied by +0.92% to settled at 51.98 punched through a key barrier of 52 reflecting expectations that the government would announce additional measures to boost economic growth. On the contra Silver in international extended gains holding near an 11-month high hit in the prior session as the ECB said it was ready to buy bonds to help the bloc's debt-laden nations, boosting bullion's appeal as a hedge against inflation. Investors are now waiting for critical jobs data from the US for indications on whether its latest stimulus measures are having the desired effect on the labour market. ECB kept interest rates unchanged, while President said the ECB was primed to buy troubled euro zone bonds when conditions were right and that this had already calmed financial market tension. Investors will closely watch the result of the BoJ's policy meeting later in the day. BOJ is expected to keep monetary settings unchanged even as pressure is mounting to ease again, following last month's move. The number of Americans filing new claims for unemployment benefits rose only slightly last week after a big drop the week before, a hopeful sign the job market is still on the mend. The data came a day before the closely-watched monthly non-farm payrolls data. Now technically market is getting support at 61777 and below could see a test of 61450 level, And resistance is now likely to be seen at 62546, a move above could see prices testing 62988.

Trading Ideas:

Silver trading range for the day is 61450-62988.

Silver ended lower tracking weakness in base metals as pressure seen after rupee rallied

Spain saw borrowing costs fall at an auction of government debt, with the yield on five-year bonds dropping to 4.76%

The supportive low interest rate environment and backdrop of further monetary stimulus made further price gains inevitable