Silver Prices Update: prices fell sharply by 2.15% to ₹90,513, influenced by a surge in U.S. 10-year Treasury yields, reaching a high of 4.8%, and strong U.S. labor market data.

• Impact of U.S. Economic Data: The U.S. job growth acceleration and lower unemployment rate sparked investor optimism in the dollar and reduced expectations for Federal Reserve rate cuts.
  
  
• Silver Market Deficit: The silver market faces a structural deficit, expected to decrease by 4% in 2024 to 182 million ounces, driven by strong global industrial demand.
  
  
• Supply Growth: Mine output from major producers like Mexico, Chile, and the U.S. is set to increase by 2%, along with a 5% rise in recycling due to silverware scrap in Western markets.
  
  
• Demand Outlook: Silver demand is forecast to reach 1.21 billion ounces in 2024, driven by industrial uses, solar panels, and electric vehicles, despite a 16% decline in physical investment.
  
  
• Exchange-Traded Products: ETP inflows are expect to rise, back by a 32% increase in spot prices this year.
  
  

Technical Overview:

• Support Levels: Silver has immediate support at ₹89,625, with further downside potential to ₹88,730.
  
  
• Resistance Levels: Key resistance is at ₹92,040, with a breakout possibly pushing prices to ₹93,560.
  
  
• Market Pressure: Open interest increased by 5.41% to 21,873 contracts, indicating fresh selling activity.
  
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