AHMEDABAD (Commodity Online): Global commodity markets came under renewed pressure last week with hardening macroeconomic concerns. The sentiment has turned decidedly weak and markets have turned choppy.
Silver may note some gains tracking cues from international exchange. International and MCX Silver gained more than 1% in evening session.
Today Silver futures supported by firmer Gold prices and range bound movement in industrial metals. Silver December delivery contract rose by 1.20 percent to 64255 rupees per kilogram.
Silver fell as the US dollar rallied, but European policy makers' failure to relieve fears of Greek default. Sharp decline in Gold futures is unlikely and this will limit downside in silver. Support for MCX Silver December contract is seen at 62500 rupees while resistance is seen at 65200 rupees.
Amrita Mashar, analyst with Commodity Online stated that despite the recent correction which actually offers a buying opportunity, one can remain positive on Silver and Gold as uncertainty looms over Europe and the problems of the US are far from over. On the other hand, the precious metal may enjoy the official sector support in coming days.
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