On the Multi Commodity Exchange (MCX), December silver futures traded 3.68% lower at Rs 2,11,143 per kg at the last check. The contract touched an intraday low of Rs 2,10,817 per kg, compared with its previous close of Rs 2,19,217.
Kaveri More, commodity technical analyst at Choice Broking, said MCX silver had breached its crucial support zone of Rs 2,17,600–Rs 2,12,600, potentially intensifying the ongoing bearish pressure.
“The broader outlook remains cautious, with the stronger dollar and continued weakness relative to gold likely to influence near-term sentiment,” More said.
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Silver spot prices extended losses
In the international market, spot silver was quoted at $56.97 per ounce, down 4.16%, according to Reuters.Ponmudi R, CEO of Enrich Money, said silver continued to underperform gold and remained the weaker asset in the precious-metals complex. Renewed expectations of further interest-rate hikes outweighed support from industrial demand, although underlying demand helped limit deeper losses, he said.
He added that the near-term outlook remained cautious, with a sustained move above $59.50 needed to stabilise prices. A decisive break below $59 could trigger a further decline towards the $57–$57.50 range.
Rising crude oil prices added to market caution
Meanwhile, crude oil prices continued to trade higher, adding to investor caution amid renewed concerns about potential supply disruptions.Brent crude was up 0.11% at $105.81 per barrel at the last check, while West Texas Intermediate crude traded 1.34% higher at $95.40 per barrel.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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