12 hrs ago
Silver Futures Fall Nearly 1% as Dollar, US-Iran Tensions Weigh
Silver prices went down again on Wednesday.
The December silver contract in India fell nearly 1% to Rs 2,33,600 per kilogram.
This was the fourth day in a row that silver prices dropped.
The US dollar became stronger, which can make silver more expensive for buyers using other currencies.
Higher US Treasury yields also made precious metals less attractive to some investors.
Tensions between the United States and Iran pushed oil prices higher.
Investors worried that more expensive energy could increase inflation.
Those concerns raised doubts about how soon the US Federal Reserve might cut interest rates.
December silver futures fell Rs 1,841, or nearly 1%, to Rs 2,33,600 per kilogram on the Multi Commodity Exchange.
The decline marked silver’s fourth consecutive session of losses in domestic futures trading.
A stronger US dollar and rising US Treasury yields reduced demand for precious metals, analysts said.
Escalating US-Iran tensions pushed oil and crude prices higher, raising concerns about renewed energy inflation.
Internationally, December Comex silver futures fell 1.22% to USD 64.57 per ounce as investors assessed interest-rate risks.
- Who
- Silver futures traders and investors, with analysts Gaurav Garg and Renisha Chainani providing market assessments.
- What
- Silver futures declined nearly 1% in India and 1.22% in international trading.
- Where
- On the Multi Commodity Exchange in India and in New York’s Comex market.
- When
- Wednesday; the December contract was affected, and the domestic decline was the fourth consecutive session of losses.
- Why
- A stronger US dollar, rising Treasury yields, higher crude prices, US-Iran tensions, and concerns about the Federal Reserve’s interest-rate outlook weighed on demand.
Key facts
- Domestic price
- Rs 2,33,600 per kilogram
- Domestic change
- Down Rs 1,841, or nearly 1%
- Domestic contract
- December delivery on the Multi Commodity Exchange
- Loss streak
- Fourth consecutive session of decline
- International change
- December Comex silver futures fell 1.22%
- International price
- USD 64.57 per ounce
- Key pressures
- Strong dollar, higher Treasury yields, rising crude prices, and US-Iran tensions
Quotes
Renisha Chainani
Chief Research Officer at Augmont
“Silver declined to trade near USD 64 per ounce in the international markets as investors weighed the growing odds of an interest rate hike by the US Federal Reserve, a view reinforced by the recent jump in global bond yields and crude prices.”
deccanchronicle.com
“Silver extended their decline in Wednesday's session as rising US Treasury yields and a stronger dollar reduced demand for assets such as precious metals.”
deccanchronicle.com
Sources
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