Silver prices rose by 0.46% to reach 71,895 amid growing tensions in the Middle East, driving investors to seek the safe-haven metal. Meanwhile, Neel Kashkari, President of the Minneapolis Federal Reserve Bank, expressed concern about lingering high inflation, hinting at a slower-than-expected decline.
In the US, housing starts surged by 7% in September, reaching 1.36 million, rebounding from a three-year low in the previous month but falling slightly short of estimates. Market attention is now focused on Federal Reserve Chair Jerome Powell's upcoming speech, as traders seek clarity on the Fed's stance following recent dovish comments from US policymakers. Currently, there's a 60% probability that the Fed will maintain interest rates for the remainder of the year.
From a technical perspective, the market is experiencing short covering with a 3.23% drop in open interest, settling at 18,921, while prices increased by 328 rupees. Silver finds support at 71,175 and could test 70,455 if it falls below. Resistance is expected at 72,680, and a move above that level might drive prices to test 73,465.
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