Silver - Dec 18, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and domestic silver prices are trading weak this Friday morning and early afternoon trade tracking weak gold prices.
However, this Friday as well silver outperformed gold as the ratio continued to fall. Currently the ratio is at 73.03.
Technically, LBMA Silver Spot is sustaining above $25.00 after giving a breakout of falling trend line and is trading above 100-DMA where further could see $26.06-$26.99 levels. Support at $25.40-$24.70 levels.
Technically, MCX Silver March is trading below 68000 levels however above 66000 levels will continue its bullish momentum up to 68800-69400 levels. Support is at 67500-66300 levels.
Gold - Dec 18, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading weak this Friday morning and early afternoon trade in Asia amid profit booking and marginal recovery of the U.S Dollar from yesterday s lows.
Expectations for additional stimulus measures in the U.S. also continue to grow and kept downside capped.
Meanwhile the continued rise in covid-19 cases in the U.S. has weighed on the labour market. Latest data has revealed that jobless claims rose to 885,000, more than the 862,000 claims filed during the previous week.
Meanwhile, the Bank of Japan in its policy decision earlier in the day, keeping its interest rate unchanged at -0.10%.
Rupee - Dec 17, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee ended flat against the U.S. Dollar this Thursday, as RBI presence in the markets offset the impact of a weak dollar index and foreign fund inflows.
The Rupee ended at 73.60 to the dollar compared with 73.57 in the previous session. The rupee, in early trades, had risen to an intraday high of 73.39.
Meanwhile, most of the Asian currencies were stronger against the U.S. Dollar this Thursday and lent support.
The one-year forward premium was at 3.23 rupees against 3.21 rupees in the previous session.
Silver futures slide nearly 1% to Rs 67,731 per kg on firm dollar
In the futures market, silver for March delivery touched an intraday high of Rs 67,999 and a low of Rs 67,364 per kg on the MCX.
Mumbai / December 18, 2020 / 04:08 PM IST
Silver prices dropped to Rs 67,731 per kg on December 18 as participants increased their short positions as seen by the open interest. The precious metal had surged 4.5 percent yesterday on the COMEX.
The white metal price fell tracking weakness in gold and firm US dollar. The downside may, however, be capped amid general weakness in the US dollar along with hopes of more stimulus.
Gold - Dec 17, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading in the green in Thursday morning and early afternoon trade in Asia supported by dovish statements from the Fed.
The U.S. Federal Reserve s pledge to keep interest rates low and said that the central bank would not hesitate to expand support if necessary.
Gold also took support after the dollar was down in Thursday morning and early afternoon trade.
Investors also continue to monitor progress on the latest U.S. stimulus measures which could pass by this weekend.