Silver gained more than gold on Friday, especially after heavy losses during the beginning of the last week. Silver was able to regain some of its lost grounds and minimized its losses for week.
Silver futures for September delivery closed 2.2% higher at $18.00/oz on Friday and thus, trimmed its weekly losses to 0.54%. Silver tracked gold and base metals higher. Base metals complex on LME (LMEX) closed 1.72% up on Friday.
Facts:
The dollar declined 0.12% against a basket of six major currencies. The Euro also lost 0.21% on Friday after reports showed that German retail sales fell more than expected.
The benchmark MSCI index for world stocks closed 0.3% down. Ishares silver trust maintained its silver holdings at 9185.29 MT yesterday.
MCX silver futures for September month were up by 1.34% to close at Rs. 28,649/kg on Friday.
The same fell marginally on Saturday and closed the week at Rs. 28,636/kg.
Outlook
Silver for immediate delivery is changed by +15 cents to trade at $18.15/oz on Comex’s electronic platform. Silver is taking cues from weak dollar and firm bullion prices. Moreover, LME’s base metals are also trading with significant gains which are driving silver prices higher. Asian equities are trading on firm note with gains hovering above 1%, despite lowering manufacturing activities in China and a tepid performance on Wall Street on Friday. Japanese companies reported stronger earnings which are actually driving equities in Asia. However, one has to remain cautious about Chinese equities as the same may see some impact of lowering manufacturing activities. Overall, silver may track gold and base metals higher during the day.
