Key Observations
Silver futures for March-delivery closed up by 0.55% to $29.79/oz yesterday. The dollar index lost as much as 0.58% to 78.827 levels during intra-day sessions. However, reports of advancing retail sales in the U.S. help the dollar recover its losses and resulting in, the dollar index closed 0.20% higher.
Equity markets also cheered on positive economic data releases from the U.S. Moreover, news of possible quantitative easing (round-3) also increased investors’ risk appetite.
The benchmark MSCI World Index for stocks gained for the fourth day and closed 0.20% up. iShares Silver Trust saw its holdings increased by nearly 73 MT to 10964.14 MT yesterday. MCX silver futures for March-delivery gained 0.83% to close higher at `44,774/kg yesterday. Rupee appreciated 0.42% to 44.9475/USD yesterday.
Outlook
Silver futures came down to $29.56/oz in Asian sessions, reacting to strengthening dollar which is trading up by nearly 0.20% up. The dollar may remain up on reports of improving Empire Manufacturing Index, rising industrial production and increase capacity utilization.
These data may reduce the alternative investment demand for precious metals. Since silver is also an industrial commodity and these all data also relate to industrial activities, the fall in silver prices could be limited. For the latest updates PRESS CTR + D or visit Stock Market news Today
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