Silver dropped as traders reassessed the path of interest rates.

prices saw a slight decline of -0.17%, settling at 66768, as traders reconsidered the future of interest rates. Initial jobless claims in the US rose moderately last week, but overall, layoffs decreased in September, indicating a still tight job market at the end of the third quarter. The economy’s prospects improved with a shrinking trade deficit in August, the narrowest in nearly three years, and record-high exports of capital goods.

Despite significant interest rate hikes by the Federal Reserve to cool demand, the US economy has held up well. However, there were mixed signals in the job market as US private-sector employers added the fewest jobs in September since January 2021, but this helped ease concerns about high-interest rates. Fed policymakers Bowman and Mester suggested the possibility of another rate hike this year, while Bostic indicated that interest rates may need to remain high for an extended period.

From a technical perspective, the market experienced fresh selling, with open interest increasing by 4.07% to 31896, while prices fell by -117 rupees. Silver currently finds support at 66335, with the potential to test 65895 levels if it falls below this point. Resistance is expected at 67410, and a breakthrough could lead to testing 68045 levels.