Silver rate today: Unless we see a sharp decline in gold or copper prices, silver is likely to trade with a bullish bias
Silver is expected to trade with a positive bias in near-term on the US presidential election uncertainties, healthy ETF inflows, and strong demand in India amid geopolitical tensions
Surging US Dollar Index and tumbling bond prices are acting as headwinds for the metal as the US rate cut pace has become somewhat uncertain in the short term. Dip buying is preferred.
On Tuesday, silver surged sharply higher on an unexpectedly huge stimulus package announced by China's Central Bank and the Chinese authorities.
Spot silver was extremely volatile in the wake of the US Fed cutting rates by 50-bps at its FOMC meeting concluded on September 18.
On Thursday, spot silver rallied to a nearly three-week high on Fed rate cut bets and firmer industrial commodities.
Silver outlook and trading strategy today, June 26, 2024: Spot Silver, at the time of the MCX closing, was trading at $28.90, down 2.45 per cent for the day on Tuesday
Silver strategy: Silver is expected to range trade ahead of the US CPI data (May) to be released today. A decisive breach of support at $28.84 may lead to additional sharp decline in the near-term
COMEX silver inventory fell from 299.04 Moz to 298.46 MOz and remains at the highest level since January 2023
On the other hand, gold prices have seen a rise in the last few months amid steady demand, especially from the global central banks
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
Weak job data bolstered the speculation that the weakening economy would force the US Federal Reserve to cut rates
Motilal Oswal has cited several factors driving silver prices, including strong demand from the industrial sector (electronics, solar) and its role as a safe-haven asset during economic uncertainties.
The price of one kilogram of silver in Delhi, Mumbai, and Kolkata stood at Rs 75,500
Beware of its volatile nature and don't invest more than 5% of your investment portfolio in it
Brokerages have an upside bias for silver in 2023 as they see strong demand for the metal amid the global green energy push and rising industrial demand
Axis Mutual Fund is targeting to garner Rs 50 crore from the silver ETF and the silver fund of fund announced on Friday -- its maiden launch after the Sebi lifted its three month ban on NFOs from July. The fund house said the silver fund of fund will invest in the units of Axis silver ETF (exchange traded fund). Pratik Tibrewal, fund manager, commodities at Axis AMC told PTI that they have set an internal target of garnering Rs 50 crore during the new fund offer. Both the funds will be open for subscription from September 2 through September 15, the fund house said in a statement. While the silver ETF will have no exit load, the silver fund of fund will attract an exit load of 0.25 per cent if redeemed/switched out within seven days from the date of allotment but will have no such charges if redeemed/switched out after sever days of allotment. The silver ETF will invest in industry standard 30 kg physical silver bullion of 999 parts per 1,000 fineness and storage, transport and ..
In the past one month, silver funds have returned 7.34%, gold funds on an average are up by about 6%. In comparison, Nifty is down 4%
Those taking a strategic exposure must have a long horizon and invest via the SIP route to benefit from its volatility
Market players believe just like Gold ETFs, silver passive funds can become popular in India. The main aim of the schemes is to generate returns in line with performance of physical silver