Page 5 - March Silver News Today

"Benchmark indices ended the first week of 2024 with minor losses, and the midcap index ended the week with gains for the second consecutive week. Sectoral indices ended the week on a mixed note. Eight out of 12 sectors rose while four declined. The realty sector was the top gainer, rising more than 7%," Arvinder Singh Nanda, Senior Vice President of Master Capital Services, said.

Analyst Anuj Gupta, Commodity & Currency Head at HDFC Securities sees Comex gold trading between $2,030 to $2,050 today with a positive bias and MCX gold within Rs 62,000 - Rs 63,000 range. As for silver, March contracts are likely to trade between Rs 71,500 and Rs 73,500, Gupta said.

Taking cues from the international market, MCX February gold futures were trading lacklustre in the opening trade.

The possibility of an escalation of tensions in the Red Sea and updates regarding other geopolitical tensions supported gold prices

According to the CME FedWatch Tool, traders are pricing in a 75% chance of monetary policy easing in March

Analyst Anuj Gupta sees Comex gold trading between $2,060 and $2,080 with a positive bias while the MCX February contract is seen trading between Rs 62,800 and Rs 63,800. As for silver, the Commodity & Currency Head at HDFC Securities expects March futures to trade between Rs 73,500 and Rs 75,500 with the trend remaining positive.

MCX February gold futures were trading at Rs 63,225 per 10 grams, minutes after opening, up Rs 22 or 0.03% from Fridays closing price. Meanwhile, the March Silver futures were trading at Rs 74,260 per kg, lower by Rs 170 or 23%.

Meanwhile, silver opened at Rs 74,550 per kg, hit an intraday low of Rs 73,873 on the MCX, and hovered around $23.85 per troy ounce in the international market.

Gold prices declined marginally in the last trading session of 2023. Despite a slight dip, gold prices clocked their best year in three, as expectations regarding US interest rate cuts early next year and the war in Ukraine and tensions in the Middle East lifted safe-haven demand.

February gold futures were trading at Rs 63,795 per 10 grams on the MCX at 10.20 am and were up by Rs 117 or 0.18% from Wednesdays closing price. Meanwhile, March Silver futures were trading at Rs 75,690 per kg and were higher by Rs 43 or 0.06% around this time.