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Praveen Singh is associate vice president of fundamental currencies and commodities at Sharekhan by BNP Paribas.
Praveen Singh is associate vice president of fundamental currencies and commodities at Sharekhan by BNP Paribas.
COMEX silver inventory fell from 299.04 Moz to 298.46 MOz and remains at the highest level since January 2023
Slightly softer than expected inflation data from University of Michigan, which was released Friday, continued to aid in commodities recovery
Gold outlook: Gold continues to see a buying support into the dips around $2,300. Support is at $2,352/$2,325/$2,317
Silver at $30.12 was down over 2 per cent at the time of MCX closing as the corresponding MCX July contract at Rs 90305 was down 2.91 per cent on the day
The downside pressure on gold further intensified on Thursday on better-than-expected S&P US Global manufacturing and services PMI data
Silver price on MCX: Support is seen at $31 (Rs 93,500) /$29.50 (Rs 89,000)
The cautious stance of the US Federal Reserve on its monetary policy is somewhat positive for the metal; thus, inflation hedge buying theme dominates
The metal was changing hands at $2381 at the time of the MCX closing, which is down 0.20 per cent from Wednesday's closing level
Silver may trade between $28.80 (Rs 85,000) and $30 (Rs 88,300) in the near-term, says Praveen Singh of Sharekhan by BNP Paribas.
Gold: Rises as the Fed Chair calls PPI data as 'mixed' on downward revisions to the prior data.
Silver price target: upport is seen in the range of $27.90-$28 (Rs 83,600-Rs 83,900)
Spot gold was up nearly 1 per cent Thursday on rate cut bets as the weekly US job data disappointed
Weak job data bolstered the speculation that the weakening economy would force the US Federal Reserve to cut rates
Spot gold slipped from its day's high of $2,329.98 and was seen hovering around $2,314 (MCX Gold June LTP Rs 71,146) when the local exchanges closed
Silver outlook by Sharekhan: The recovery in Silver prices has been driven largely by increasing probability of rate cuts by the US Federal Reserve