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Silver futures slip nearly 1% to Rs 64,633 per kg as dollar jumps to 4-month high

The spot gold/silver ratio currently stands at 69.47 to 1 indicating that gold has outperformed silver. While the gold has been steady, silver is pressurised by concerns about the Chinese economy.

Mumbai / March 25, 2021 / 03:50 PM IST
Silver

Silver

Silver prices tumbled to Rs 64,633 per kg on March 25 as participants increased their short positions as seen by the open interest. The precious metal ended flat March 24 on the COMEX.

The white metal extended decline after a gap-down start in the afternoon session to trade at day’s low, tracking stronger dollar and weakness in gold and industrial metals.

The semi-precious metal has been trading lower than 5, 20, 50 and 100 days’ moving averages but higher than 200-day moving averages on the daily chart. The Relative Strength Index (RSI) is at 38.53 which indicates bearish momentum in prices.

Fed officials in their speech on March 24 mentioned that they are not looking for any kind of rate hike unless and until they see an actual improvement in the economy.