Retail Sales in The Euro Zone Increased 0.9 Percent

Retail sales in the Euro Zone increased 0.9 percent in April as compared to the decline of 0.9 percent in March and the forecast of rise by 0.4 percent. German factory orders rose 2.8 percent in April as against the drop of 2.7 percent in the prior month. Markets had expected the orders to increase up to 2.1 percent in April.

Spot silver prices rose 1.8 percent today mainly on the back of weakness in the US dollar. Upside in the base metals also provided support to the white metal prices. Silver touched an intra-day high of $37.42/oz and was hovering around $37.18/oz till 4.00 pm IST. MCX Silver July contract gained 0.6 percent as Rupee appreciation capped the further gains on the Indian platform.

A soft dollar coupled with revival in the European markets sentiments helped base metals pack to trade higher on the LME today. Lead is the top performer of the day as it gained almost 1.5 percent on the LME and around 1 percent on the MCX. Appreciation in the Indian Rupee resisted further gains in the metal prices on the domestic bourses today.

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