1 hr ago
Silver Takes Rs 7,000 Hit on MCX Amid Global Sell-Off
Silver prices dropped sharply in India and other markets on Monday.
On the MCX, silver became cheaper by more than Rs 7,000 per kilogram.
The price fell below Rs 2.28 lakh per kilogram.
Oil prices have risen, causing concerns that inflation may remain high.
Because of this, investors expect US interest rates to stay high for longer.
High interest rates and bond yields can make silver less attractive because silver does not pay interest.
A stronger US dollar can also make silver more expensive for buyers using other currencies.
Analysts are watching support levels near Rs 2,27,000–Rs 2,28,000.
International silver prices also fell and were trading below several moving averages.
MCX December silver futures fell Rs 7,202, or 3.07%, to Rs 2,27,494 per kg at noon Monday.
The decline pushed domestic silver below the key Rs 2.28 lakh-per-kg level.
Rising crude prices increased inflation concerns and expectations of higher US interest rates.
COMEX silver traded near $62.40, down 3.72%, after falling below its previous support zone.
Analysts identified MCX support at Rs 2,27,000–Rs 2,28,000 and resistance at Rs 2,32,000–Rs 2,33,000.
- Who
- Silver prices and traders in the MCX and COMEX markets.
- What
- December silver futures fell sharply, with MCX prices declining Rs 7,202, or 3.07%.
- Where
- The decline occurred on the Multi Commodity Exchange in India and in the COMEX market.
- When
- Monday; MCX prices were reported during noon trade.
- Why
- Rising crude oil prices increased inflation concerns, lifting expectations of higher US interest rates and supporting a stronger dollar.
Key facts
- MCX price
- Rs 2,27,494 per kg
- MCX change
- Down Rs 7,202, or 3.07%, from Rs 2,34,696
- MCX support
- Rs 2,27,000–Rs 2,28,000, followed by Rs 2,23,000–Rs 2,24,000
- MCX resistance
- Rs 2,32,000–Rs 2,33,000, followed by Rs 2,36,000–Rs 2,37,000
- COMEX price
- Near $62.40, down 3.72% during the session
- COMEX levels
- Support at $61.50–$62.00; resistance at $63.50–$64.00
- Technical momentum
- MCX RSI stood at 41.12, indicating weakening momentum
Quotes
Market analysts
Analysts commenting on silver’s MCX technical outlook
“Immediate support is at 95.70–95.80, followed by 95.40–95.50. The pair remains above its key short-term moving averages. The RSI at 59.51, above its signal line, reflects a mild bullish, or rupee-weakening, bias.”
thehansindia.com
“Silver remains weaker than gold in today’s session. Immediate resistance is at $63.50–$64.00, followed by $65.50–$66.00. Immediate support is at $61.50–$62.00, followed by $59.50–$60.00.”
thehansindia.com
Sources
Related news
Silver Futures Fall Nearly 1% as Dollar, US-Iran Tensions Weigh
Silver Futures Drop Rs 6,477 To Rs 2.28 Lakh
Indian Silver Prices Rebound After Sharp Previous-Day Decline
Indian Silver Rates Rise 0.78% After Previous Day’s Drop
Gold, Silver Slide Over 1% as Yields and Oil Rise
Gold Falls ₹1,600 as Dollar and Oil Surge
Soni Razdan Wishes Ranbir Kapoor on His 44th Birthday
Jackie Shroff Recalls Father’s Prediction He Would Become Actor
Gen Z Homeownership Gets Tougher as Prices Outpace Incomes
Trishakti Industries Orders 60 Heavy Machinery Units From XCMG
