Silver prices on MCX opened lower on June 26, 2024, with the MCX September silver contract trading at Rs 89,257, down 1.89%. The decline in silver prices was attributed to hawkish Fedspeak, renewed inflation concerns due to Canada's inflation data, and the possibility of a strong monthly job report in the US. Spot silver, at the time of the MCX closing, was trading at $28.90, down 2.45% for the day. Federal Reserve Governor Michelle Bowman expressed her preference for keeping borrowing costs elevated due to several upside risks to the inflation outlook. However, Federal Reserve Governor Lisa Cook stated that it would be appropriate to reduce interest rates at some point based on expected improvement in the inflation data. The US Dollar Index was up 0.15% for the day, and the ten-year US yields recovered nearly 1% from the day's low. The non-farm payroll report for June is expected to be strong, intensifying the downside pressure on silver and other commodities. Total known global silver ETF holdings slightly decreased, while the COMEX inventory reached its highest level since June 4. Investors will closely watch the US GDP and PCE deflator inflation data to be released later this week. In this scenario, silver prices are expected to trade with a bearish bias unless the US GDP disappoints or the US PCE deflator inflation data underwhelms. Support for the MCX September silver contract is at Rs 88,000, while resistance is at Rs 92,000. [47f1025a, 18633c79]