NYMEX July silver futures are trading down 0.057 at $ 21.62 per ounce. The metal has been trading in a very tight range of $23- $21. A break of $21 may take the metal towards $20 its lowest level since May 2013.
Silver for delivery in July lost nearly Rs 200 or 0.44%, to Rs 43,840 per kg at the Multi Commodity Exchange. A fall below Rs 43500 may result in testing of Rs 42900 and Rs 42600 levels.
The U.S. dollar slipped against the Japanese yen and the euro Wednesday, ahead of highly anticipated guidance from the U.S. Federal Reserve on what it plans to do with its bond-buying program. The U.S. dollar bought 95.22 yen, down from ¥95.30 late Tuesday in North American trade.
The euro, meanwhile, inched back to $1.3391 from $1.3398. But with an intraday high of $1.3402, the euro had reached a level that was last seen in February.
Fed Chairman Ben Bernanke was due to address reporters at the conclusion of the Fed’s policy meeting later Wednesday. The dollar has been weaker recently on uncertainty over whether the Fed will decide to scale back the pace of its bond purchases, currently set at $85 billion a month, though some analysts have said the bond buying has generally weighed on the dollar.
The Fed’s purchases were more than doubled to $85 billion a month starting in January in a bid to stimulate economic activity, including encouraging job growth.
The British pound slipped to $1.5632 from $1.5646 ahead of the Fed’s announcement as well as the release of minutes from the Bank of England’s policy meeting held earlier this month. The central bank decided to keep its key lending rate at 0.5%, and left the size of its own bond-buying program unchanged.
Source by Commodity Insights
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