Silver prices traded in range as upbeat Chinese economic data pointed to an improved growth outlook and put pressure on the safe-haven metal. China’s economy expanded more than expected in the first quarter of 2019, official data showed, while industrial output and retail sales for March were also better than expected.
U.S. retail sales increased by the most in 1-1/2 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the first quarter after a false start. The economy's enduring strength was underscored by other data showing the number of Americans filing applications for unemployment benefits dropped to the lowest in nearly 50 years last week.
But those concerns have dissipated in recent weeks amid fairly upbeat data on trade, inventories and construction spending that have suggested growth last quarter could actually be better than the moderate pace logged in the final three months of 2018. A separate report from the Labor Department showed initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 192,000 for the week ended April 13, the lowest level since September 1969.
A report released by the Commerce Department showed the U.S. trade deficit unexpectedly narrowed in the month of February amid a jump in the value of exports. Technically market is under short covering as market has witnessed drop in open interest by -3.21% to settled at 20267 while prices up 20 rupees, now Silver is getting support at 37099 and below same could see a test of 36967 level, And resistance is now likely to be seen at 37376, a move above could see prices testing 37521.
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