Silver market strongly bullish, surges Rs. 4000 in 4 days, overall 2.3% intraday rise: buy?

The Indian silver market is showing a sharp rise in the past four days and jumped by around Rs. 4000/1 kg, owing to the global economic scenario. The silver rate on July 30 was quoted at Rs. 5840/100 grams, gaining by Rs. 40/100 grams. Following the global trend, the precious metal has also surged in the country. In June, silver rates fell 3.30% in India, but in July the metal rallied slightly. Additionally, a falling US dollar index also pushes silver rates to gain.

Similar to gold, the silver market is also bullish now after the US Fed raised interest rates. The US central bank raised its rate by 75 basis points to fight the rate of inflation, but the market absorbed the rise in rates online. A more hawkish stance from the US Fed could eventually affect the silver market.

On the Comex futures market today, silver was quoted at $20.335, gaining 2.35%, and yesterday the metal closed at $19.868. Over the past year, in the Comex, silver prices have fallen sharply by 21.52%. On the spot market, the price of silver settled at $20.44, up 1.65%. Significantly, the US dollar index in the spot market came in at 105.87. At the Mumbai Commodity Exchange (MCX), September silver futures are quoted at Rs. 58,352/kg, gaining 1.27%.

Commenting on the global silver market, analyst Phillip Streible told Kitco News: “While August tends to be one of the lightest volume trading months of the calendar year, this year may be different September Silver broke above critical resistance at $19.88 and is now targeting the $21-23/oz monthly consolidation range When we get back into this range you will want to take a more approach Proactive in risk management Remember that no asset is long term in this economic environment.

Today’s silver rates in major Indian cities:

Article first published: Saturday, July 30, 2022, 11:56 p.m. [IST]