The spot silver is on a winning spree; glided to a new intraday high ($46.69) to settle 2.96% up, at $46.60. The same has been observed in the future in both MCX and COMEX.
The immediate delivery in the MCX has settled the week by gaining more than 4 percent at Rs.70783 on Saturday.
Global equities had a gentle performance last week. Most of the Asian equities, Europe and US closed by gaining modestly.
The dollar index slid to its lowest since August 2008 against the majors supported the precious metals to soar.
China’s net imports of silver nearly quadruple to more than 3500 metric tons in 2010, boosted by sharp increase in industrial demand.
The I-share silver holdings slid a bit to 11150.3 tons from11183.69 tons as on 21st April.
Outlook:
The COMEX May future is currently quoting $47.87, up by 3.14% from the previous closing and the dollar index at present is showing some strength. The Asian equities are trading firm on firm US economic releases.
As discussed in Gold’s outlook, the aggravating geo political unrest and rising crude will be supportive for the metal to grow ahead. In the evening the data yet to release from the US in form of new home sales and Dallas Fed Manufacturing activity
Hence, it is recommended to be on the long side for the metal with due consideration to price benefit.
