Silver on MCX settled down -0.14% at 37210 amid more positive developments in the Sino-U.S. trade talks. U.S. Treasury Secretary Steven Mnuchin said that Washington and Beijing might be “close to the final round” of their trade negotiations. Data showing that China’s exports rebounded in March while new bank loans rose more than expected has helped to boost risk sentiment.
Investors are also focused on U.S.-China trade talks, with any deal between the two countries seen as likely to remove headwinds to global growth. U.S. Treasury Secretary Steven Mnuchin said on Saturday a U.S.-China trade agreement would go “way beyond” previous efforts to open China’s markets to U.S. companies and he hoped that the two sides were “close to the final round” of negotiations.
U.S. negotiators have tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing, according to two sources briefed on discussions, marking a retreat on a core U.S. objective for the trade talks. Markets are now focused on European and Chinese data for more evidence that the worst may be over for the global economy. Trade issues were also front and center of investors’ minds, including talks between Japanese Economy Minister Toshimitsu Motegi and U.S. Trade Representative Robert Lighthizer.
Elsewhere, U.S. Treasury Secretary Steven Mnuchin said over the weekend he hoped Sino-U.S. trade negotiations were close to their final round. Technically market is under long liquidation as market has witnessed drop in open interest by -2.25% to settled at 20940 while prices down -53 rupees, now Silver is getting support at 37057 and below same could see a test of 36905 level, And resistance is now likely to be seen at 37415, a move above could see prices testing 37621.
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