COMMODITY OUTLOOK on Silver Market

Silver:-

Silver futures rose nearly one percent in American trade away from July 14 lows even as the dollar index powered up for a second session, following an array of data from the US, the world’s largest economy. Earlier US data showed the Empire State Manufacturing Index dipped slightly to 18.0 in December from 19.4, missing expectations of 18.8. US industrial production slowed down to 0.2% in November from 1.2% in October, revised from 0.9%, while analysts expected a 0.3% rise. The Capacity Utilization Rate rose to 77.1% from 77.0% in October, missing expectations of 77.2%. Earlier this week, the Federal Reserve voted to increase interest rates by 25 basis points for the third time this year, while updating their three-year forecasts for growth, inflation, unemployment, and interest rates.

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Today’s MCX Market Trading Tips-Gold Rate Today: Gold, silver trade lower; Should you invest?

Gold and silver were trading in red on account of subdued demand in precious metals from jewellers, industries and retailers amid some profit booking by investors.

gold-rate-today-gold-silver-trade-lower-should-you-invest

MCX Gold futures were down 0.24 per cent, or Rs 70, at Rs 28,897 per 10 gram at around 11 am (IST), while MCX Silver futures were down 0.07 per cent, or Rs 25, at Rs 37,419 per 1 kg at around the same time.

According to SMC Investments and Advisors, bullion counter may trade with sideways path as the US jobless claim data along with movement of greenback to give further direction to the prices.

Meanwhile, movement of local currency rupee will give further direction to the prices.

“Gold (Feb) can move in range of Rs 28,750-29,000 while silver (March) can move in range of 37100-37900 in near term,” SMC said.

Meanwhile, domestic equity markets were trading higher in morning trade on Thursday following global cues. The BSE Sensex was up over 250 points at 32,856, while NSE Nifty index was up 82 points, or 0.81 per cent, at 10,125.

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Commodity Outlook on Silver Market

SILVER:-

Silver futures fell in American trade to the lowest since August 8, heading for the worst weekly performance since July even as the dollar index lost ground following an array of data from the US the world’s largest economy. Political concerns mounted amid accusation by the FBI against former Trump national security adviser Philip Flen of perjury and expectations of easy conviction. Special investigator Robert Mueller who’s been investigating Russian interference with the US elections lopped similar accusation to the Trump campaign accusing Flen with cooperation with Russia and Ukraine to hurt US interests. Now markets await the Senate’s vote on the tax reform bill supported by President Donald Trump amid concerns about its impact on the federal deficit. The Silver is bearish for medium-long term .Currently Silver is in strong downtrend but volume is unsatisfactory the open interest is not increasing with trend. In last few days volume based selling happened in the Silver Noting point is selling at lower levels seems decreasing. The oscillator is showing sell signal for short term Silver is in sell position. Immediate support for Silver is 37880.Resistance for the Silver is 40240.

Resistance & Support

Resistance Support
40240 37880

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Silver futures surge Rs 97 on firm global cues

Tracking a firming trend in the precious metals overseas, silver prices soared by Rs 97 to Rs 39,145 per kg in futures trade today as speculators widened their positions.

In futures trade at the Multi Commodity Exchange, silver for delivery in December surged by Rs 97 Or 0.25 per cent to Rs 39,145 per kg in a business turnover of 159 lots.

-silver-futures-surge-rs-97-on-firm-global-cues

The white metal for delivery in far-month March 2018 was trading higher by Rs 84 or 0.21 per cent to Rs 39,780 per kg in 7 lots.

Market analysts said speculative position built up by participants, driven by firm global trend as weakness in dollar, raised appeal for the precious metals as a safe haven, mainly attributed to the rise in silver prices at futures trade here.

Meanwhile, silver surged 0.18 per cent to USD 16.83 an ounce in Singapore.

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MCX Commodity Market Tips – Equities’ appeal pushes gold prices down to Rs 30,250

Gold prices slid Rs 30 to Rs 30,250 per 10 grams today as equities found more traction with investors seeking higher returns.

Leads overseas were negative and demand from local jewellers was hard to come by.

equities-appeal-pushes-gold-prices-down-to-rs-30250

But silver staged a comeback by jumping Rs 600 to Rs 40,500 per kg, spurred by industrial units and coin makers.

Tepid demand from local jewellers and retailers at the domestic spot market was a drag on gold prices, analysts said.

Globally, gold fell 0.08 per cent to USD 1,274.50 an ounce in Singapore.

Diversion of funds towards attractive equity markets, which soared to record high, worked against the yellow metal, marketmen said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped Rs 30 each to Rs 30,250 and Rs 30,100 per 10 grams, respectively. It had edged up Rs 5 yesterday.

Sovereign, however, was steady at Rs 24,700 per piece of eight grams.

On the other hand, silver ready shot up Rs 600 to Rs 40,500 per kg while weekly-based delivery declined by Rs 80 to Rs 39,625 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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Commodity Market Tips-Gold Rate Today: Gold, silver trade flat in morning deals

Gold and silver were trading on a flat note ahead of the US jobs data later in the day.

MCX Gold futures were trading 0.04 per cent, or Rs 13, down at Rs 29,231 per 10 gram around 10.20 am (IST), while MCX Silver futures were up 0.09 per cent, or Rs 36, at Rs 39650 per 1 kg at around the same time.

gold-trades-higher-may-witness-pullback-till-rs-29800

According to SMC Investments and Advisors, bullion counter may trade with positive bias as movement of greenback and non-farm payroll data are likely to direct the prices.

Movement of local currency rupee will give further direction to the prices. “Gold can move in range of Rs 29,100-29,450 while silver can move in range of Rs 39,400-40,000 in near term,” the SMC said.

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COMMODITY OUTLOOK on Silver Market

Silver:-

Silver futures slid nearly one percent in American trade as the dollar index rose to the highest since July 20, following an array of data from the US the world’s largest economy and after the European Central Bank’s meeting and press conference led by President Mario Draghi. Earlier reports showed that current Fed Chair Janet Yellen and former FOMC member Kevin Wares were put off the list of potential candidates for the Fed Chair post next February. Otherwise The ECB voted today to keep the minimum bid interest rate unchanged at zero and the deposit rate at minus 0.4% while also deciding to carry on with their 60 billion Euros a month easing program until the end of the year before trimming it down to 30 billion a month and extending it for nine more months, with a possibility of extending it beyond that if needed. European Central Bank President Mario Draghi spoke in the post-meeting press conference where he highlighted the high flexibility of the quantitative easing program according to the economic conditions and how they develop.

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