Silver prices fall sharply in March as safe haven appeal falls
Mumbai-India (Apr 3) Spot silver prices rose declined around 7 percent last month, tracking weak cues from gold prices and base metals complex. In the Indian markets, silver prices declined by around 8 percent. The fall in Indian markets is due to rupee appreciation by around 3 percent.
Upbeat economic data from US, and UK and to some extent Eurozone signalled signs of growth in these economies in turn reducing the metals safe haven appeal. Additionally, upbeat market sentiments in coupled with fears of interest rate rise in the US earlier than expected acted as a negative factor.
Further, CFTC report published on 28th March’14 said that hedge funds and money managers cut their long postions on silver by 8659 contracts to 9580 lots which restricted positive movement in the prices.
Spot Silver Support $18.7, $17.8, resistance 21.5, 23.2