The spot silver ended flat from its prior day’s movement and ended at $35.9275 levels. The similar movement was also seen on futures contract in COMEX and MCX and closed at $35.840 and Rs. 53,974 levels respectively.
Silver prices are moving mixed as it is taking cues from equity markets, gold as a precious metal and of course from the base metals trend.
Nikkei has fallen over 20 per cent in just three session making other global indices to trade lower and in turn making silver to trade lower
The performance of PGMs group is also pulling silver to trade in the negative zone
OUTLOOK:
Spot Silver prices are currently trading at $35.3050 down by 1.70 per cent and similar movement is also seen on COMEX silver. Certainly, Silver is expected to open lower in Indian market however, Indian rupee depreciation may keep a check on the fall. This fall is mostly attributed by negative equity markets and slight improvement on Dollar Index.
The economic data releases today are also likely to have a mixed impact on silver however; empire manufacturing data may support a tad to the silver price trend. Moreover, the base metals trend is mixed to bearish making silver to move in a range bound.
Overall, we expect silver to trade lower however; the quantum of fall in silver is likely to be less than gold for the day.
