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Wednesday, 18 February 2015

MCX Silver May contract up 0.7% amid a weak trend overseas

Silver prices on MCX gained on Wednesday in futures trade today after investors created positions amid a weak trend overseas.

"Due to an agreement with Greece speculation, gold remains at 15-month low. Comex bullion is under $1210. With China's weaker demand, the market is under pressure. However, due to the weakness in the rupee, gold-silver in the domestic market has little support. The market eye will be on FMOC meeting outcomes, which are going to come later in the day." KheloMCX Commodity Advisory said.

At the Multi Commodity Exchange, silver futures for May delivery was spurted by Rs 249 to Rs 36,623 per kg. Silver rating touched an Intraday session high of Rs 36,927 and an Intraday session low of Rs 36863 So far 90 Silver futures contracts have been traded.

In the national capital, amid poor offtake by industrial users and coin makers silver ready dropped by Rs 1,700 to Rs 37,200 per kg and weekly-based delivery by Rs 1,675 to Rs 36,600 per kg. And Silver coins plummeted by Rs 2,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.

Globally on the Comex, silver for March delivery was quoted at 2.7 cents, or 0.16%, to trade at $ 16.40 a troy ounce. On Tuesday, silver 91.6 cents, or 5.3% fell, to close at $ 16.37.

MCX Gold Tips

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