MTECHTIPS;-Crude oil falls to 1-week low ahead of U.S. supply report, OPEC

MTECHTIPS;-Silver futures rise to 1-week high on broad dollar weakness

Silver futures tracked gold prices higher to hit a one-week top on Thursday, as the U.S. dollar came under broad selling pressure, boosting the appeal of the precious metal.On the Comex division of the New York Mercantile Exchange, silver futures for July delivery traded at USD22.66 a troy ounce during European morning trade, up 0.95% on the day. Comex silver prices rose by as much as 1.3% earlier in the day to hit a session high of USD22.74 a troy ounce.Silver prices were likely to find support at USD21.92 a troy ounce, the low from May 23 and resistance at USD23.12, the high from May 20.

Silver’s gains came as the dollar fell below a key support level to hit a three-week low against the yen, leading the greenback lower against all the other major currencies.The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, declined 0.3% to trade at 83.41, the weakest level since May 14.Dollar weakness usually benefits silver, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.Market players now looked ahead to the weekly U.S. report on jobless claims later in the global day amid ongoing speculation over whether the Federal Reserve is moving closer to scaling back its USD85 billion-a-month asset purchase program.Elsewhere on the Comex, gold for August delivery rallied 1.1% to trade at USD1,406.95 a troy ounce, while copper for July delivery eased up 0.3% to trade at USD3. 308 a pound.

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