Silver futures on Tuesday hit a fresh lifetime high of Rs 96,220 per kg on the MCX in the evening trade, gaining by Rs 1,612 per kg intraday over Monday’s closing price of Rs 94,608, tracking strong buying action in the international market.
While the white metal saw some gains after scaling a new peak, the July futures were still trading with an uptick of Rs 618 or 0.65% at Rs 95,226 around 7:25 pm.
Not just silver, gold too traded with strong fervour. The June futures hit an intraday high of Rs 72,375 per 10 gm. It was trading at Rs 72,311 around this time — up by Rs 302 or 0.42%.
The yellow metal June futures are down from their lifetime high of Rs 74,442.
The gains in bullion were on account of weakness in the dollar index (DXY). It was hovering around 104.45, down by 0.14 points or 0.14%. In the last five sessions, DXY has declined by 0.20%. On the Comex, silver futures were trading at $31.995 per troy ounce, up by $1.496 or 4.91% while gold futures were trading at $2,349.20 per troy ounce, higher by $14.75 or 0.63%. Commenting on the day’s action, Jateen Trivedi, vice-president – Research Analyst – Commodity and Currency at LKP Securities, said that gold prices were weak in the first half of the session in both Comex and MCX markets following a strong rally on Monday.”Prices paused within a small range of $2,340-$2,353 in Comex and Rs 71,770-Rs 72,030 in MCX. The mixed market reaction came after renewed tensions in the Middle East,” Tivedi said.
On the potential triggers for this week, he said the focus would be on the PCE price index due for a release on Friday, which will provide hints about inflation.
Traders are expected to remain active within a range of Rs71,500-Rs 72,500 in MCX, amid the anticipated volatility, he opined.
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