World news – Silver After Plunge into US Bond Yields – Investing.com India

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silver

Yesterday, the decline was -2.03% to 69,417 after a surge in US bond yields, undermining the competitive advantage of owning risk-free government bonds over gold bars. Treasury bond rates rose overnight after early returns suggested that the Democrats were on track to win both seats in the US Senate in Georgia, and thereby control of Congress. This gives President-elect Joe Biden more room to borrow more in order to achieve his political goals. The dollar hit its lowest level in nearly three years on expectations that a democratically controlled Senate would pave the way for a bigger stimulus package. German annual consumer prices remained negative in December as a lockdown to contain a second wave of coronavirus infections in Europe’s largest economy kept inflationary pressures subdued, data showed. Consumer prices, which have been harmonized to make them comparable with inflation data from other EU countries, fell 0.7% year on year after falling by the same amount in the previous month, said the Federal Statistical Office. Perth Mint silver coin sales also fell 15.8% to 941,767 ounces in December, the lowest level since May and 30.8% lower than the same month last year. Despite the decline, Perth Mint said total sales were strong in 2020, with average monthly sales of embossed products up 100%

gold

and 42% for silver compared to 2019. Technically, the market has been in a long liquidation as the open rate market fell -10.93% to 13,503 while prices fell -1441 rupees. Now silver is receiving support at 68148 and below could see a test of 66879 levels and resistance is now likely to be seen at 71118, a move above could test prices 72819. Â Trading Ideas: # Silver trading range for the day is 66879-72819. # Silver fell after US bond yields spiked, undermining the competitive advantage of owning risk-free government bonds versus bullion. # The dollar hit its lowest level in nearly three years in anticipation that a democratically controlled Senate would pave the way for a bigger stimulus package. # Producer prices in the Eurozone fell in November due to a year-on-year slump in energy prices but were lower than expected

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> silver after jumping in US bond yields down

Ref: https://in.investing.com

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