Tag Archives: mcx silver

Silver prices today: Updates on Silver rates in India

29 May

Spot silver prices of 999 purity were trading weak in major metros of India. However, silver prices on MCX were trading slightly higher.

At 14:50 hrs MCX Silver July contract was trading at Rs 43352 up Rs 90, or 0.21 percent. The Silver rate touched an intraday high of Rs 43468 and an intraday low of Rs 43126. So far 12100 contracts have been traded. Silver prices have moved down Rs 21658, or 33.31 percent in the July series so far.

Mumbai

Spot silver 999 prices shed by Rs 145 at Rs 45000 per one kilogram.

Ahmedabad

Spot silver 999 prices fell by Rs 85 at Rs 43750 per one kilogram.

Chennai

Spot silver 999 prices advanced by Rs 200 at Rs 43900 per one kilogram.

Delhi

Spot silver 999 prices were down by Rs 60 at Rs 43940 per one kilogram.

Jaipur

Spot silver 999 prices slipped by Rs 100 at Rs 43800 per one kilogram.

 

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Silver shrinks to the lowest since 2010; follows Gold

20 May

Silver futures on Globex platform of Comex was seen trading down by 4.67% at $21.320 per troy ounce as of 10.10 AM IST on Monday.Speculation that US Federal Reserve may end its USD85 billion per month bond-buying program, might have influenced investors sentiments.

MUMBAI : Bullion futures in the international market are trading negative and silver prices fell to the lowest since 2010. Bullion prices shrunk to their lowest in four years as investment demand recorded a slump amid firm equities.

Silver futures on Globex platform of Comex was seen trading down by 4.67% at $21.320 per troy ounce as of 10.10 AM IST on Monday.

Comex gold futures are also down by 1.59% at $1343.05 per troy ounce as of 10.11 AM IST on Monday.

“Silver is trekking a similar path to gold,” Yang Xuejie, an analyst at Galaxy Futures Co., a unit of the brokerage controlled by China’s sovereign wealth fund said to Bloomberg.

“Investment demand is slowly falling and there are doubts about industrial demand, which is the primary driver.” he added.

Gold traders held 74,432 short contracts as of May 14, according to the US Commodities Futures Trading Commission.

Speculation that US Federal Reserve may end its USD85 billion per month bond-buying program, might have influenced investors sentiments.

Meanwhile, based on a simple regression analysis using data from 2003, Gold ETF outflows may cause downside risks of up to $75/oz in prices, Deutsche Bank has said in a report. If this turns out to be true, gold prices can touch $1282/oz from Friday levels of $1357/oz.

Deutsche Bank believes that the bulk of the drawdown in gold ETFs comes from institutional investors with, on Bank’s estimates, around two-thirds of the selling that is likely probably has already passed.

India bullion futures

Gold futures on India’s Multi Commodity Exchange (MCX) for June delivery was seen trading down by 1.39% at Rs.25477 per 10 grams as of 10.05 AM IST on Monday.

MCX silver futures for July delivery was also down by 4.09% at Rs.40885 per kilogram as of 10.05 AM IST on Monday.

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