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Silver slides below Rs 65,000 on dollar uptick, weakness in gold, industrial metals

If MCX Silver for November trades below Rs 65,000, it could test the support zones at Rs 64,625-64,320 levels.

Mumbai / October 29, 2021 / 04:10 PM IST
Reuters

Reuters

Silver prices eased mildly on October 29 on a stronger dollar, and weakness in gold and industrial metals. The white metal had fallen 0.29 percent on the COMEX on Thursday.

Silver traded in the negative territory but prices were in off-session lows in the afternoon session, following weak global cues.

The precious metal has been trading higher than the 20 and 50 days' moving averages but lower than the 5, 100 and 200 days moving averages on the daily chart. The momentum indicator Relative Strength Index (RSI) was at 58.73, suggesting a buy in the price.

International silver prices have started with small cuts this Friday afternoon in Asian trade ahead of PCE price index data tonight. "Technically, if COMEX Silver December trades below $24.150 levels, it could witness a downside momentum up to the support zones at $23.990-23.860 levels. Resistance zones is at $24.280-24.440”, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Technically, if MCX Silver for November trades below Rs 65,000, it could test the support zones at Rs 64,625-64,320 levels. Resistance zones is at Rs 65,290-65,655 levels, Iyer noted.

Close

Silver holdings in iShares ETF rose 69.06 tonnes to 17,005.76 tonnes. The fund NAV is trading at a discount of 0.10 percent.

The US dollar index was moderately up 0.22 percent at 93.53 against the major currencies in the afternoon session.

The spot gold-silver ratio was at 74.79 to 1, indicating that gold had outperformed silver.

MCX Bulldesk jumped by 24 points, or 0.17 percent, to 14,386 at 3.41pm. The index tracks the real-time performance of MCX Gold and MCX Silver futures.

On MCX, the December silver delivery touched an intraday high of Rs 64,872 and a low of Rs 64,142 a kg. In the current series, the metal has touched a low of Rs 58,150 and a high of Rs 74,127.

Silver delivery for the December contract slipped Rs 107, or 0.16 percent, to Rs 64,824 per kg at 3.42pm with a business turnover of 10,210 lots. The same for March eased Rs 26, or 0.04 percent, to Rs 65,626 with a turnover of 2,408 lots.

The value of December and March contracts traded so far stood at Rs 943.61 crore and Rs 24.08 crore, respectively. The Silver Mini contract for November skidded Rs 174, or 0.27 percent, to Rs 64,924 on a business turnover of 23,341 lots.

At 10.15am GMT, silver was 0.23 percent lower, quoting at $24.06 an ounce in New York.

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Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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