AHMEDABAD (Commodity Online): Silver ended weak tracking weakness in Gold prices on weekend amid strength in the US Dollar index after zooming Friday as the dull U.S. jobs report for August drove some investors and traders from international market back into haven-seeking mode. Silver closed the week at 65898.
Volumes are likely to remain low today amid holiday in U.S. and precious metals expected to remain choppy for day. Volatility in currency and equity markets will continue to determine market direction.
Euro-zone services PMI and Sentix investor confidence data are in limelight today to drive Gold and Silver prices in any direction. Support for MCX Silver contract is seen at 65000 rupees while Resistance is seen at 67000 rupees.
“After released of weak PMI data from Euro zone push Gold and silver at advance levels though US participation was lacking from international market due to US Labor holiday,” said Amrita Mashar, analyst with Commodity Online.
Silver September delivery contract rose by 1.20 percent to 66649 rupees per kilogram. Closing above 66600 rupees on daily basis will help to shoot price at 68000 in coming days, added Amrita.
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