The volatile run in the precious metal space continues. Gold and Silver prices have recovered slightly from the sharp fall seen overnight. Silver Futures have seen a slight recovery from the sharp 10% slide. Silver spot prices have rebounded almost 23% from their last week’s lows. However, the volatility continues, leading to massive swings in prices.
The recent economic data lifted Treasury yields and reinforced the Fed’s preference to keep rates unchanged, with markets now pricing the next rate cut in July instead of June.
The US dollar was mostly flat against peer currencies on Thursday, holding steady after mixed signals from the latest release of US economic indicators. A stronger dollar makes greenback-priced metals more expensive for holders of other currencies.
Investors now await inflation data due later in the day for more cues on the Fed’s monetary policy path.
Silver falls on low safe-haven demand
MCX silver futures are currently hovering near the Rs 2.43 lakh per kg mark. The steep decline in silver also comes as US President Donald Trump has said that negotiations with Iran are likely to conclude by next month, which weighed on the safe-haven demand of the precious metal
What happened earlier?
In late January, silver prices surged to unprecedented heights, nearing the $120 per ounce. Analysts remarked that the increase in price was primarily fueled by strong investment demand, a weak US Dollar, and heightened expectations for interest rate reductions by the US Federal Reserve.
But soon there was a heavy sell-off in Silver from its recent highs. Adding to that, the CME Group (which manages COMEX) raised margins on 5000 Silver Futures to 18% from the earlier 15%.
Silver Rate Today in India Live Updates: MCX Silver futures at Rs 2.43 lakh/kg
On MCX, the most-active March contract of silver was up 3.07% trading at Rs 2,43,700 per kg.
In international markets, spot silver was trading at $77/oz levels
Silver Rate Today in India Live Updates: Axis Securities says silver fell 10%+ on Thursday
Explaining the silver's sharp dip of Thursday, Axis Securities said, "Comex Silver fell more than 10% amid a broad-based sell-off across the commodities basket. Thursday’s drop lacked a clear catalyst; however, simultaneous losses in equities and cryptocurrencies point to forced liquidation across asset classes, potentially amplified by systematic and algorithmic trading."
It added that investors are now focused on the latest US inflation data, which could help shape expectations for Federal Reserve policy
Silver Rate Today in India Live Updates: Spot Silver at $77/oz
The March delivery contract of silver was up 2.37% trading at Rs 2,42,038 per kg on MCX.
In international markets, spot silver is trading at the $77/oz mark
Silver Rate Today in India Live Updates: Silver ETFs down 6%
Tata Silver ETF is trading at Rs 23.37, down 6.11% for the day. Nippon India Silver ETF is at Rs 230.07, lower by 6.24%. Zerodha Silver ETF is priced at Rs 24.44, down 6.14%, while HDFC Silver ETF stands at Rs 229.67 with a 6.50% decline.
Despite gains in MCX and COMEX bullion prices, gold and silver ETFs remain under pressure during the session, pointing to a temporary disconnect between futures markets and fund pricing that may adjust by closing trade
Read More: MCX gold, silver gain 3% but ETFs lag behind: Silver ETFs down as much as 6%
Silver Rate Today in India Live Updates: Axis Securities says silver down on sharp-sell off
In its daily commodity insights report, Axis securities had implied a range of $72-$79 for spot silver. In the mid-day session, spot silver crossed the $79/oz mark.
Axis Securities had said that the prices went down on the back of sharp sell-off of the bullion and maintains a bearish stance for the short-time price range of the white metal.
Silver Rate Today in India Live Updates: Spot silver at $79/0z
On MCX, the March delivery contract for silver is up 4.45% trading at Rs 2,469,53.
In the international market, spot silver is steadying and trading near the $79/oz mark.
Silver Rate Today in India Live Updates: MCX Silver up 5%
On MCX, the March delivery contract for silver is up 4.52% trading at Rs 2,47,123 per kg.
In international markets, spot silver is trading near the $78/oz mark.
Emkay Wealth in a report said that, in comparison to its previous performance, this time the price uptrend for silver is likely to sustain due to the white metal’s increasing industrial usage.
“Silver’s performance has been particularly noteworthy due to the expansion of industrial demand across sectors such as renewable energy, electronics and advanced manufacturing.” Emkay said.
Silver Rate Today in India Live Updates: MCX Silver futures up 3%
On MCX, the March delivery contract for silver was up 3.49% trading at Rs 2,44,350 per kg as of 1:11 pm (IST)
In international markets, spot silver is trading near the ends of $77/oz mark.
On MCX, the March delivery contract for silver was trading at Rs
2,40,966, up 1.92% from its previous close as of 11:23 am (IST).
In the international markets, spot silver is trading near the $76/oz levels.
Viewers are advised to check the official website of MCX for details pertaining to contract expiry, volume, lots etc.
Silver Rate Today in India Live Updates: Analyst say MCX silver future support at Rs 2.42 lakh/kg
"Silver and other precious metals may also draw support from debasement concerns, as investors reallocate capital away from fiat currencies and sovereign bonds toward hard assets. MCX Silver March prices are likely to advance to Rs. 242000/kg amid a short covering in the world markets. " Jigar Trivedi, Senior Research Analyst at Indusind Securities said.
Silver Rate Today in India Live Updates: MCX Silver down 3%
On MCX, the March delivery contract for silver is down 2.74% trading at Rs 2,42,923 per kg as of 10:16 am (IST)
In international markets, spot silver is currently trading near the $77/oz mark.
Silver Rate Today in India Live Updates: Silver's long-term outlook constructive
Commenting on silver's steep fall, Anindya Banerjee, Head Currency and Commodity Research Kotak Securities said,
"Despite the near-term weakness, the long-term outlook for silver remains constructive, supported by both monetary demand and rising industrial usage. Any major sell-off toward the $60 zone or below, especially in the event of a broader equity meltdown, could present a strategic accumulation opportunity for long-term investors looking to build allocation to precious metals."
The analyst said that silver could see further downside if the sell-off in U.S. equities intensifies. Banerjee sees key technical support for silver at
-$72,
-then $68
- and $64 on deeper corrections
"On the upside, only a daily close above $86.30—the recent swing high—would negate the current bearish structure of lower highs and lower lows," he added.
Silver Rate Today in India Live Updates: Silver sees profit booking
Silver fell on the back of a broader risk-off move across global markets, with the US Equities, industrial metals, and even crypto are witnessing selling pressure. Silver is highly sensitive to shifts in risk appetite, which is why it declined more sharply than gold, said Anindya Banerjee, Head Currency and Commodity Research, Kotak Securities.