Silver futures gain nearly 1% to Rs 70,000 per kg
In the futures market, silver for March delivery touched an intraday high of Rs 70,291 and a low of Rs 69,405 per kg on the MCX.
Mumbai / January 07, 2021 / 05:32 PM IST
Silver prices edged higher to Rs 70,000 per kg on January 7 tracking gains in gold prices on increased expectations of continuing US stimulus after Democrat won two Georgia Senate seats, improving demand outlook for industrial sector lent support to the prices.
The precious metal had declined 2.2 percent yesterday on the COMEX.
The US dollar index trades higher at 89.65 levels, up 0.17 percent in the afternoon trade.
Gold - Jan 7, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading with small gains on Thursday morning and early afternoon in Asia, after a Democrat sweep in Georgia s Senate runoff election that raised hopes for more stimulus measures.
Marginally weak U.S. Dollar also lent support.
However, upside was capped as U.S. Treasury yields rose this Thursday morning and early afternoon in Asia.
Looking ahead for the rest of the session, we see gold remaining range bound to firm.
Investors will look ahead to data from the U.S. for further cues. Jobless claims and non-manufacturing PMI could have an impact on the markets.
Rupee - Jan 7, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee depreciated against the U.S Dollar on Thursday weighed down by rumoured dollar purchases by the Indian Central bank to counter the impact of equity and fund flows.
The Rupee ended at 73.33 compared with 73.10 in the previous session. The rupee fell 0.3% today, and logged its worst day since November 12.
Reuters reported that foreign banks were receiving heavily in the forwards market, sending the one-year forward premium lower to 3.28 rupees against 3.32 rupees yesterday.
Meanwhile, risk appetite has improved amid the likelihood of more U.S. fiscal stimulus after a victory for both the Democratic Party candidates in runoff elections in the Georgia state.
Silver - Jan 7, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International silver prices are trading with small gains on Thursday morning and early afternoon in Asia, tracking gold prices and a weak U.S. Dollar.
Technically, LBMA Silver Spot has rebound above $27.00 levels indicating a sideways momentum in the range of $26.30-$27.90 levels.
Domestic silver prices are trading with modest gains on Thursday morning and early afternoon trade, tracking firm overseas prices.
Technically, MCX Silver March could hold a support near 69000 from where a bounced back can be expected up to 70600-71200 levels. Support is at 69500-68700 levels.
Rupee ekes out 6 paise gains against US dollar orissapost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orissapost.com Daily Mail and Mail on Sunday newspapers.