Silver futures rise 1.65% to Rs 67,992 per kg as dollar retreats from two-month high
The spot gold-silver ratio currently stands at 67.87 to 1 indicating that silver has outperformed gold.
Silver
Silver prices soared to Rs 67,992 per kg on February 5 as participants increased their long positions as seen by the open interest. The precious metal had declined 2.4 percent yesterday on the COMEX.
The white metal extended gains after opening gap up to trade at day’s high in the afternoon session tracking gains in gold and a weak dollar.
Silver prices were also supported by the positive economic data and optimism that the global economy is recovering from the pandemic.
Silver futures slump 1.23% to Rs 67,724 per kg on firm dollar
Technically, MCX Silver March holds the support of 21-Daily Moving Average at Rs 67,300 levels. The range for the rest of the session will be between Rs 67,000-69,800 levels, said Iyer.
Source: Reuters
Silver prices plummet to Rs 67,724 per kg on February 4 as participants increased their short positions as seen by the open interest. The precious metal had gained 1.8 percent yesterday on the COMEX.
The white metal has come under pressure lately as the retail buying frenzy subsided with exchange raising margin requirement to curb volatility and US Treasury Secretary summoning financial regulators to discuss the recent market volatility.
Gold price today: Yellow metal gains strength, Silver March Futures up nearly 2%
Gold may continue to witness mixed trade unless there is clarity on the US dollar trend however we expect price to trade with a positive bias on US stimulus expectations and loose monetary policy stance of central banks, suggest experts. February 03, 2021 / 10:06 AM IST
India Gold April Futures rose above Rs 48,000 per 10 gm on February 3, tracking a positive trend seen in the international spot prices. The March Silver Futures rose nearly 2 percent.
On the Multi-Commodity Exchange (MCX), April contracts were trading higher by 0.42 percent at Rs 48,024 for 10 grams at 0920 hours. Silver March futures were trading 1.8 percent higher at Rs 68,770 a kilogram.
Gold - Feb 3, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading flat this Wednesday morning and early afternoon in Asia.
However, downside remained capped amid growing hopes of further U.S. stimulus measures and weaker U.S Dollar.
Markets could look to cues from ISM non-manufacturing PMI and ADP Nonfarm Employment Change data from the U.S. for further cues.
Technically, LBMA Gold Spot is trading below All-major Moving Averages indicating a negative trend in the counter where it holds a support at $1829-$1816 levels. Resistance is at $1845-$1853 levels.