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MTECHTIPS:-SILVER
Spot silver prices swung between gains and losses and settled 0.1 percent higher week on week. However, sharp gains were capped taking cues bearishness in the spot gold prices and weakness in the base metals pack. Strength in the DX also exerted a downside pressure on the silver prices. The white metal touched a weekly high of $33.03/oz and closed at $32.05/oz on Friday. In the Indian markets, MCX silver prices fell 0.4 percent week on week and closed at Rs. 59,449/kg on Friday after touching a weekly low of Rs.58,841/kg.Holdings in the iShares Silver Trust, on a weekly basis rose 0.35 percent to 9923.19 tonnes till October 25, 2012 from previous week holdings of 9888.55 tonnes till October 19th 2012.In today’s session we expect precious metals to trade with upward bias on the back of mixed global market sentiments amidst speculation that Bank of Japan might announce stimulus measures in tomorrow’s meeting. However, marginal strength in the DX will cap sharp gains in the gold prices. In the domestic market depreciation in the Indian rupee is expected to support an upside in the precious metals on MCX.Technical Outlook
Spot silver prices swung between gains and losses and settled 0.1 percent higher week on week. However, sharp gains were capped taking cues bearishness in the spot gold prices and weakness in the base metals pack. Strength in the DX also exerted a downside pressure on the silver prices. The white metal touched a weekly high of $33.03/oz and closed at $32.05/oz on Friday. In the Indian markets, MCX silver prices fell 0.4 percent week on week and closed at Rs. 59,449/kg on Friday after touching a weekly low of Rs.58,841/kg.Holdings in the iShares Silver Trust, on a weekly basis rose 0.35 percent to 9923.19 tonnes till October 25, 2012 from previous week holdings of 9888.55 tonnes till October 19th 2012.In today’s session we expect precious metals to trade with upward bias on the back of mixed global market sentiments amidst speculation that Bank of Japan might announce stimulus measures in tomorrow’s meeting. However, marginal strength in the DX will cap sharp gains in the gold prices. In the domestic market depreciation in the Indian rupee is expected to support an upside in the precious metals on MCX.Technical Outlook
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