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)|
Silver prices rise above 2% in Comex futures, Indian silver rates gain by Rs. 680
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Silver prices fall 1.49% globally, with Indian markets following the same trend: check rates
Indian silver price down sharply, falling Rs. 1500, check rates in cities today
Indian Silver Rate Recovers Strongly By Rs. 800, High In August Today
Indian silver rates drop Rs. 400 today, price down 1.02% in July: see gold and silver trend
Indian Silver Prices Strongly Bullish, Up Rs. 160 Intraday: Check Trend and Rates
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Indian Silver Prices Fall Significantly Like Gold, As US Labor Market Improves: Check Rates
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Article first published: Saturday, September 24, 2022, 11:27 a.m. [IST]