MCX Silver surges ahead on weak Indian rupee

August 28, 2013

NEW DELHI-INDIA (Aug 28)   Silver prices at India’s Multi Commodities Exchange (MCX) were down by 2.02%. Silver for September delivery was seen trading around Rs 57500-59580 per kg levels.

Indian rupee slumping to 68 levels supported prices. Lack of sellers at future markets impacted current prices.

Germany’s import price index rose more than expected in the last quarter, data showed on Thursday. Destatis stated that German Import Price Index rose to a seasonally adjusted 0.3%, from -0.8% in the previous quarter.

On Wednesday trade, September silver contract rose to a high of 59580 Rs/kg as of 01.30 pm IST and is expected to trade positive in later session. For intra-day, support is now seen at 57200 levels and resistance at 60000 & 61000, analyst said.

On COMEX, silver was up $.02 at 24.92 per troy ounce in electronic trading at 07.39 p.m. Singapore time.


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