Silver Down 1.5% as Dollar Strengthens Before Fed Meeting

Mumbai, 30 April (CommoditiesControl): Silver prices faced a downturn as the dollar gained strength in anticipation of the Federal Reserve's policy meeting, with U.S. Silver futures slipping 1.6% to $26.69 per ounce. Despite this setback, silver, along with platinum, remains poised for monthly gains. However, U.S. spot palladium experienced a decline of 0.6%, reaching $968.00 per ounce.

In the MCX market, silver witnessed a 1.27% decrease, trading at 81473. It currently sits below its daily support levels of 82030-81577. Should the downward trend persist, the next potential targets are 81000-80750, while resistance levels stand at 82813-83143.

Investors are closely monitoring market movements, particularly amidst ongoing economic developments and ahead of key events such as the Federal Reserve's policy meeting and non-farm payrolls data.


(By Commoditiescontrol Bureau; +91-9820130172)