While global silver supply has remained relatively stable, demand has surged
The broader trend on Comex could be $1,580-1,640 and on domestic front prices could hover in the range of Rs 40,600-42,000, said Damani.
Silver always lags behind gold price performance. Historically, gold triggers the initial move in bullion complex and, eventually, silver gains traction.
Gold prices edged up on Monday as the dollar eased after U.S. President Donald Trump said he would delay an increase in tariffs on Chinese goods as trade talks between the two nations were making progress, while palladium hit a record-high.
Till date, commodity contracts are available only on MCX and NCDEX, the two specialised commodity derivatives exchanges in the country.
The metal slipped 1.1 percent on Thursday on profit-taking, its biggest one-day percentage drop since May 3 and snapping a five-day rally.
North Korea said on Monday it had successfully conducted a newly developed mid-to-long range missile test on Sunday, supervised by leader Kim Jong Un and aimed at verifying the capability to carry a "large scale heavy nuclear warhead."
Nirmal Bang has come out with its report on metals and Crude Oil. According to the research firm, Copper prices are expected to trade range bound from Rs 420-412. One can trade within the range with a negative bias maintain a stoploss above Rs 420.50.
Microsec has come out with its report on Gold and Silver. According to the research firm, gold and silver could resume their upward trend especially if the minutes of the FOMC meeting and Bernanke‘s speech will contribute to the speculations that the Fed could consider additional monetary steps in the near future.
Fortune Financial Services has come out with its report on MCX gold, silver, natural gas, crude oil and copper. According to the research firm, one can buy gold October future around Rs 31820 with a stoploss of Rs 31720 for a target of Rs 31970-32070.
Angel Broking has come out with its report on Gold & Silver. According to the research firm Gold & silver is likely to trade lower today.
Dani Commodities has come out with its report on gold & silver.
Way2Wealth has come out with its report on gold & silver.
