Silver prices today: Updates on silver rates in India

On Tuesday the prices gold were trading higher in major cities of India. In Mumbai market, spot silver 999 prices gained by Rs 555 at Rs 42065 per one kilogram.

On Tuesday the prices gold were trading higher in major cities of India. On MCX silver prices were trading firm.

At 15:04 hrs MCX Silver Tips July contract was trading at Rs 40200 up Rs 133, or 0.33 percent. The Silver rate touched an intraday high of Rs 40548 and an intraday low of Rs 40068. So far 436 contracts have been traded. Silver prices have moved down Rs 24810, or 38.16 percent in the July series so far.

Mumbai

Spot silver 999 prices gained by Rs 555 at Rs 42065 per one kilogram.

Ahmedabad

Spot silver 999 prices rose by Rs 355 at Rs 40880 per one kilogram.

Chennai

Spot silver 999 prices gained by Rs 100 at Rs 41000 per one kilogram.

Delhi

Spot silver 999 prices advanced by Rs 100 at Rs 41300 per one kilogram.

Jaipur

Spot silver 999 prices gained by Rs 100 at Rs 41100 per one kilogram.

Spot MCX Gold Rates for 10 grams in major metros in India:

City                                        Silver 999                   Change (Rs)
Mumbai (Jul 02)                          42065                    555
Ahmedabad (Jul 02)                    40880                    355
Chennai (Jul 02)                          41000                    100
Delhi (Jul 02)                                41300                    100
Jaipur (Jul 02)                              41100                     100

Source: www.moneycontrol.com

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MCX Gold, MCX Silver: Short covering underway

“MCX Gold may face resistances at 27235 and 27610 and support at 26465, 26062 levels,” said John Godson, Technical Analyst at Commodity Online. “Silver meanwhile may find resistances at 41882 and 42449 levels and support at 40708 and 40392 levels, ” he said. The shortcovering in silver is relatively weak when compared to gold and may not give the futures a sufficient fillip, he continued to add.

MUMBAI (Commodity Online): Gold and silver futures are witnessing short covering after a blood bath in the commodities front yesterday.

“MCX Gold may face resistances at 27235 and 27610 and support at 26465, 26062 levels,” said John Godson, Technical Analyst at Commodity Online. “Silver meanwhile may find resistances at 41882 and 42449 levels and support at 40708 and 40392 levels, ” he said. The shortcovering in silver is relatively weak when compared to gold and may not give the futures a sufficient fillip, he continued to add.

On India’s MCX, gold for delivery on August 5 was seen trading at Rs.26911 registering a gain of 0.16% as of 10.55 AM IST. Silver for delivery on July was seen trading at Rs.41142 a kilogram, a loss of 0.4%. Click here to get more MCX Gold Silver Tips

Gold on the Comex for delivery on August 13 was seen trading at $1,296.85/oz, a gain of $0.65 or 0.83% as of 10.52 AM IST. Silver for delivery on July 13 was seen trading at $19.788/oz, a loss of $0.035 or 0.18%.

The shortcovering in silver is relatively weak when compared to gold.

The futures had slid after Ben Bernanke hinted a phase out of QE measures starting next year.

“If the incoming data are broadly consistent with (Federal Reserve) forecast, the Committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year; and if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around midyear.” noted Ben Bernanke on Wednesday.

However, the US labour department revealed yesterday that first-time jobless claims showed a surprising jump, thereby raising concerns about the growth of labour market in the US.

The data announced by the US labour department today in Washington showed, jobless claims rose by 18,000 to 354,000 in the week ended June 15 from a revised 336,000 in the earlier period.

Meanwhile experts say that gold may find a firm support at $1200/oz levels which indeed is the cost of production of the commodity and hence difficult to get breached in a psychological way and given the economic sense behind it.

Back in May reports had suggested that George Soros did reduce his holdings in SPDR Gold Trust in the month of March. This caused a slide in futures and since then gold has been plagued by slides.

Source: www.commodityonline.com

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