Higher US real yields, a stronger dollar, weak investment demand and industrial concerns have pressured silver, though experts remain cautiously positive over the medium term
Comex gold traded near $4,050 an ounce and silver at $53.30, while MCX gold hovered around ₹1,43,600 per 10 grams and silver near ₹1,93,250 per kg on Thursday
India has permitted imports of around 6,500 metric tons of silver over six months despite weak domestic demand, a move expected to ease local premiums while supporting global prices.
In the global market, gold futures on Comex were trading near $4,110 per ounce, while silver was trading near $56.50 per ounce
Foreign investors, Faber said, will reduce their exposure to markets around the world. "That is one reason I am reasonably positive about the US dollar," he added.
Praveen Singh of Mirae Asset Sharekhan said that silver has fallen quite sharply in the last few weeks. The white metal looks weaker than gold, as ETF flows are not inspiring.
Comex gold futures rose to $4,168.10 per ounce, while silver edged up to $56.10, with gold still below its year-to-date peak of $5,586.20
In near-term, silver is likely to range trade between $58 and $61. Interim resistance is at $60. Major hurdle is at $64.50.
Comex gold futures were trading $16.50 higher at $4,157.20 an ounce, while silver futures rose $0.08 to $60.37 after opening at $60.19
In the global market, gold futures on Comex were trading near $4,200 per ounce, while silver was trading near $61.40 per ounce
Gold edged lower in early trade on Comex after opening at $4,448 per ounce, with the precious metal last trading at $4,458.90, down $1.80 from the previous close
Mirae Asset Sharekhan said dovish Fed commentary has eased downside pressure on silver, but high China inventories, subdued LBMA lease rates and weak ETF flows remain concerns.
The US merchandise-trade deficit widened in July from $101.40 billion to $118.80 billion, the largest since early last year, as imports surged.
On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,58,300 per 10 gram at the time of writing, while silver futures were around ₹2,40,300 per kg
Several traders and banks have recently secured licenses allowing them to bring more silver into the country, though with some unusual import requirements
Gold remains the preferred anchor because of its defensive characteristics, central-bank demand and diversification benefits. Silver provides additional growth potential.
Silver price outlook: Praveen Singh of Mirae Asset ShareKhan said that spot silver is expected to consolidate its gains after rising a whopping 12 per cent last week.
In the global market, gold was trading near $4,465 per ounce on Comex, while silver was around $65.60 per ounce
Move will extend Vault Managers Regulations beyond EGRs to ETFs, derivatives