Page 6 - March Silver News Today

"Gold prices are likely to remain high as weakened US dollar, lower Treasury yields, and heightened expectations of a Federal Reserve interest rate cut keep prices underpinned," Saish Sandeep Sawant Dessai, Analyst at Angel One, said.

Meanwhile, silver opened at Rs 75,231 per kg, hit an intraday low of Rs 75,110 on the MCX, and hovered around $24.40 per troy ounce in the international market.

The February gold futures were trading at Rs 63,164 per 10 grams on the MCX at 10.15 am and were up by Rs 210 or 0.33% from the previous days closing price. Meanwhile, the March Silver futures were trading at Rs 75,640 per kg and were higher by Rs 254 or 0.34% around this time.

MCX Gold December contract is forming a higher high and higher low pattern, indicating bullishness with the price currently trading above its 21 & 50 Days EMA, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.

On the daily chart, the MCX Gold December contract is forming a higher high and higher low pattern indicating bullishness with the price currently trading above its 21 & 50 Days EMA, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.

Taking cues from the price of yellow metal in the international market, MCX February gold futures were trading at Rs 62,525 per 10 grams in the opening trade, up by Rs 49 or 0.08%. Meanwhile, the March Silver futures were trading at Rs 75,008 per kg, higher by Rs 184 or 25%.

The dollar index (DXY) was down $0.01 or 0.01% against a basket of six top currencies and hovering around 102.56. The DXY has fallen nearly 1.26% in the past five sessions.

On Comex, Gold futures were trading at $2,036 per troy ounce, up $0.30 or 0.01% while Silver futures were trading at $24.220, higher by $0.066 or 0.270%.

Taking cues from the price of yellow metal in the international market, MCX February gold futures were trading at Rs 62,490 per 10 grams in the opening trade, up Rs 36 or 0.06% from Thursdays closing price. Meanwhile, the March Silver futures were trading at Rs 74,994 per kg, down Rs 82 or 0.11%.

The rally was sparked by market expectations of a rate cut by the US Federal Reserve