Silver yesterday traded down -0.12% at 43262 due to stronger U.S. dollar though prices recovered losses tracking firmness in base metals and crude oil prices. Fed officials in the U.S. earlier dismissed talk of keeping policy ultra-loose for an extended period of time. The Federal Reserve Bank of Philadelphia reported earlier that its manufacturing index fell to -5.2 in May from 1.3 in April. Year-on-year inflation rates in the U.S. came to 1.1%, just shy of market expectations for a 1.3% reading and well below the Federal Reserve's 2% target. Investors avoided the precious metal, however, on sentiments that gold's retreat from a bull market spanning for over a decade still has more room to run. Elsewhere, Federal Reserve Bank of San Francisco President John Williams suggested earlier that despite spotty economic indicators, monetary authorities may begin to scale back the program later this year. Philadelphia Fed President Charles Plosser, a known inflation hawk, added separately that the Fed should consider scaling back the program next month. The Department of Labor said earlier Thursday that the number of individuals filing for initial unemployment assistance in the U.S. rose by 32,000 to 360,000 last week, well above expectations for an increase of 2,000 to 330,000.Technically market is under fresh selling as market has witnessed drop in open interest by -10.15% to settled at 16041 while prices down -52 rupee, now Silver is getting support at 42568 and below same could see a test of 41874 level, And resistance is now likely to be seen at 43668., a move above could see prices testing 44074.

Trading Ideas:

Silver trading range for the day is 41875-44075.

Silver dropped due to stronger U.S. dollar though prices recovered losses tracking firmness in base metals and crude oil prices.

Fed officials in the U.S. earlier dismissed talk of keeping policy ultra-loose for an extended period of time.

Holdings at ishares silver trust dropped by 70.65 tonnes to 10321.70 tonnes.