Silver price crashes 4% on Comex futures, after US rate hike: Selling intensifies




oi-Kuntala Sarkar


The price of silver crashed 4% in Comex futures as selling intensified, following a 75 basis point hike in US rates. On the other hand, the US dollar index strengthened to an all-time high, dragging down commodity prices. Thus, both gold and silver are performing poorly globally. Today, September 24, in India, the price of silver fell by Rs. 500/kg, bringing the rate of the metal down to Rs. 56,300/kg. In Chennai, Bangalore, Kerala and Hyderabad, the price of silver is quoted at Rs. 61,500/kg.

Meanwhile, risk sentiments have intensified in global equity markets. The Nikkei fell to 27,153.83 points and the Hang Seng index fell to 17,933.27 points. In the United States, the S&P 500 fell to 3,693.23 points, down 1.72%, and the Dow Jones Industrial Average fell to 29,590.41 points, down 1.62%.

In Comex futures, silver was listed at $18.835 down 3.99%, and the day before the metal closed at $19.617. Over the past year, in the Comex, silver prices have fallen sharply by 17.67%. In the spot market, the price of silver settled at $18.93, down 1.60%. Significantly, the U.S. dollar cash index came in at 113.02, up 1.50%, on the last trading day. At the Mumbai Commodity Exchange (MCX), September silver futures are quoted at Rs. 56275/kg, down 3.02%.

“If you prefer silver, we are considering a similar strategy of buying the December 1 Silver $18.50 call at 75 cents as our long call. We then simultaneously sell the December 1 Silver $19.00 call at 60 cents as our short call. This action creates our premium, which is 15. We then multiply that by $50 to account for the money multiplier to get $750, or our total premium paid (plus any commissions or clearing fees ),” analyst Phillip Streible told Kitco News, commenting on the current state of the market.

Today’s silver rates in major Indian cities:

Town Silver rate (1 kg)
Bombay Rs.56,300
delhi Rs.56,300
Ahmedabad Rs.56,300
Kolkata Rs.56,300
Chennai Rs. 61,500
bangalore Rs. 61,500
Hyderabad Rs. 61,500
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Article first published: Saturday, September 24, 2022, 11:27 a.m. [IST]

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