Silver prices remained unchanged at 70032, reflecting the impact of a stronger dollar and Treasury yields amid hawkish signals from US Federal Reserve officials. Fed Chair Jerome Powell expressed uncertainty about inflation, and Fed Governor Michelle Bowman hinted at potential rate hikes due to a robust economy. Minneapolis Fed President Neel Kashkari cautioned against premature declarations of victory over inflation.
Easing concerns over Middle East conflicts diminished safe-haven demand for silver. New York Federal Reserve President John Williams highlighted the Fed's long-term policy improvement, emphasizing a shift from tactical decision-making to a strategic approach. Chicago Fed President Austan Goolsbee noted progress in battling inflation and suggested attention would turn to the duration of keeping rates unchanged if this progress continues.
Technically, the market experienced fresh selling with a 0.75% increase in open interest, settling at 24278, while prices remained unchanged at -1 rupees. Silver finds support at 69925, potentially testing 69815 if breached, and resistance is expected at 70185, with a move above targeting 70335.