Silver on MCX settled down -1.04% at 39857 as December rate-hike expectations jumped after Federal Reserve chair Janet Yellen said that central bank should be “wary of moving too gradually” on interest rates to avoid the economy overheating. In a speech titled “Inflation, Uncertainty, and Monetary Policy” at the National Association for Business Economics’ annual meeting on Tuesday, Fed chair Janet Yellen reaffirmed the central bank’s view that raising rates gradually was the most appropriate policy amid uncertainty over inflation.

Technically now Silver is getting support at 39487 and below same could see a test of 39118 level, And resistance is now likely to be seen at 40410, a move above could see prices testing 40964.

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