MCX Silver breaks 44000 level, rise in demand impacts
NEW DELHI-INDIA (Aug 12) Silver prices at India’s Multi Commodities Exchange (MCX) witnessed a positive phenomenon. Silver for September delivery was seen trading around Rs 42,820-44,189 per kg levels.
Silver gains amid lingering uncertainty over when Fed will announce a decision to taper stimulus measures. Fed officials have said they will pay close attention to data before deciding on when to taper and eventually end stimulus programs.
On Monday trade, September silver contract rose to a high of 44,189 Rs/kg as of 02.00 pm IST and is expected to trade positive in later session. For intra-day, support is now seen at 42800, 42650 levels and resistance at 44250 & 44300, analyst said.
On COMEX, silver was up $0.493 at 20.9 per troy ounce in electronic trading at 04.58 p.m. Singapore time.
In the evening session, rise in demand and recovery in Chinese economy impacted bullion prices. We expect MCX silver to trade with bullish bias.