Page 7 - March Silver News Today

The US central bank highlighted slowing growth and easing inflation as reasons for the shift in narrative

Taking cues from the price of yellow metal in the international market, MCX February gold futures were trading at Rs 61,104 around 9:30 am, down Rs 77 or 0.13% from Tuesdays closing price. Meanwhile, the March Silver futures were trading at Rs 71,580 per kg, higher by Rs 282 or 0.39%

Gold futures on the MCX have lost 2.43% or Rs 1,523 per 10 grams on a month-to-date basis. They are up by 11.09% or Rs 6,100 on a year-to-date basis as of Monday, December 11. Meanwhile, silver futures have declined nearly Rs 5,651 or 7.29% in value terms in December while gaining 3.53% or Rs 2,451 on a YTD basis.

Taking cues from the price of yellow metal in the international market, MCX February gold futures were trading at Rs 61,727 at the opening time, up by Rs 8 or 0.01% from Fridays closing price.

After a brief pause, the primary market will be back in full swing this week with two mainboard IPOs and four SME issues planning to raise about Rs 2,500 crore. The two mainstream public offers -- DOMS Industries and India Shelter Finance -- will open for public subscription on December 13 and close on December 15.

In the international market, gold prices rose amid a slip in the dollar index below the 104 mark. On Comex, Gold futures were trading at $2,048.60 per troy ounce, up by $2.20 or 0.11% while Silver futures were trading at $24.170, higher by $0.111 or 0.460%.

The February Gold contract ended Wednesday with declines at Rs 62,391, down by Rs 49 or 0.08%. As for Silver futures, the March contract settled at Rs 74,770, down by Rs 61 or 0.08%.

Analysts advice traders to book their long positions and take fresh short positions

"Gold prices stabilised after a recent 3% drop, with investors considering future interest rates due to a slowdown in the US job market. Concerns about inflation and the possibility of excessive rate cuts initially drove gold to a record high on Monday, but it quickly retreated. The market now suggests a 60% chance of the Fed lowering rates in March," Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.

US Fed Chair Jerome Powell’s recent statements indicating a ‘soft landing’ for the US economy reinforced market expectations that interest rates will not be raised soon