Silver on MCX settled up 0.16% at 37518 as growth worries lingered and after the release of a slew of U.S. economic data. The U.S. Department of Labor reported that initial jobless claims rose by 37,000 to a seasonally adjusted 230,000 for the week ended April21.
The Commerce Department said core durable goods orders rose 0.4% last month, beating forecasts for a 0.2% rise. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 1.3% last month, well above expectations for a 0.1% increase.
Despite some reassuring data from the U.S. and China recently, global growth worries continue to linger. Turkey's central bank on Thursday kept its one-week repo rate constant at 24 percent, citing sluggish economic conditions due to tight financial conditions. The Bank of Japan revised its forward guidance and pledged to keep extremely low interest rates until at least the spring of 2020, reflecting an increasingly pessimistic inflation outlook.
The U.S. Federal Reserve is done raising interest rates until at least the end of next year, with some expecting a rate cut by the end of 2020. A separate report showed that the number of Americans filing applications for unemployment benefits increased by the most in 19 months last week, but the underlying trend continued to point to labor market strength.
Initial claims for state unemployment benefits jumped 37,000 to a seasonally adjusted 230,000 for the week ended April 20, the Labor Department said. Technically market is under short covering as market has witnessed drop in open interest by -28.59% to settled at 9612, now Silver is getting support at 37316 and below same could see a test of 37113 level, And resistance is now likely to be seen at 37701, a move above could see prices testing 37883.
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