Tuesday, 8 May 2018

Silver On MCX Settled Up 0.45% At 39911 As The Dollar Held Steady

Silver on MCX settled up 0.45% at 39911 as the dollar held steady after marking a fresh 2018 peak. The dollar hovered near a four-month high, backed by rising Treasury yields and broadly strong U.S. economic data, leaving its major rivals such as the euro struggling and others including the Argentine peso down sharply.

The soft economic indicators added to already shrinking expectations of the European Central Bank raising interest rates any time soon, which has been a major drag on the common currency. 

U.S. President Donald Trump said he would announce a decision on Tuesday about the future of an international nuclear agreement with Iran, which he has repeatedly threatened to withdraw from.

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