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SILVER MARKET NEWS
Silver
on MCX settled down -2.02% at 46072 on higher equities and as the
dollar hit a four-month high following strong US economic data, which
raised expectations that the Fed may raise rates before the end of the
year.
While the dollar hit its highest for four months, still benefitting from data showing US hsg starts surged more than expected in June, underpinning a theme of strength in the US economy.
The metal was
also dragged lower by advancing European and U.S. equities, which
increased investor appetite for risk. On Wednesday, economic indicators
showed that consumer confidence in the EU fell sharply by 1.8 in June to
Minus-7.6, dropping to the lowest level since November, 2014. In the
euro area, the DG ECFIN flash consumer confidence index declined by 0.7
from an upwardly revised Minus-7.2 to Minus-7.9.
While the dollar hit its highest for four months, still benefitting from data showing US hsg starts surged more than expected in June, underpinning a theme of strength in the US economy.
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