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Thursday, 17 July 2014

Silver futures contract gains besides a firming trend ahead of U.S. jobless claims, housing data

Tacking an upward trend in the global markets, the prices of silver futures rose today as profiteers built new positions in the midst of covering up of short positions. A firming trend in the precious metals in the global marketplace, supported the rise in silver futures.

At the Multi Commodity Exchange, silver for delivery in far-month December was trading at Rs 45755 up Rs 310, or 0.68 percent. Silver hit an intraday high of Rs 45755 and an intraday low of Rs 45649. So far 50 contracts have been traded during morning trade.

While, Silver metal futures delivery in September was trading at Rs 44920 up Rs 343, or 0.77 percent. Silver hit an intraday high of Rs 44940 and an intraday low of Rs 44700.

 Prices of Spot silver was rose 0.1 percent Taking cues from strength in gold prices. However, the strength in the dollar index and a weak tradeing in base metals complex crowned rally.

Also at the Comex, silver for delivery in September rose 0.3%, or 6.2 cents, to trade at $ 20.83 a troy ounce. Prices dropped to $ 20.63 on Wednesday, the lowest level since June 20.

"On the MCX, prices are expected for trading silver sideways in today's trading. Meanwhile, the dwelling data which opens from the U.S. tonight will set the pace for prices in the next trade session.", KheloMCX Advisory said.

The U.S. was published reports on initial unemployment claims, housing starts, building permits, and the manufacturing index of Philly Fed later in the day.

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