Silver prices in the international markets have shown a sharp rise today, even after the publication of US employment data in the last week. A weak US Dollar index has helped both gold and silver rates to surge globally. Silver rate, on August 8, in India, is quoted at Rs. 5740/100 grams. Silver rates plunged significantly on the last trading day, as US jobs data improved surprisingly to 528,000 in July, indicating an improving economic condition. The US Fed is also trying to control inflation by raising the interest rate. However, today’s fall in the US Dollar index has been positive for silver, on the first trading day of this week, globally and domestically.
Estimating the upcoming market trend for silver, analyst Jim Wyckoff told Kitco News, “September silver futures bears have the overall near-term technical advantage. However, recent price gains suggest a market bottom is in place. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $21.50. The next downside price objective for the bears is closing prices below solid support at $19.00. First resistance is seen at the August high of $20.51 and then at $20.75. Next support is seen at $20.40 and then at the overnight low of $19.745.”
Today, in the Comex futures market, silver was quoted at $20.64 gaining by 4.00%, and yesterday the metal closed at $19.842. In the past 1 year, in Comex silver prices have fallen sharply by 16.04%. In the spot market, silver prices stood at $20.72, gaining by 3.58%. Significantly, the US dollar index in the spot market stood at 106.32, falling by 0.31%. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 59076/kg, gaining by 2.98%.
Today’s silver rates in major Indian cities:
|City||Silver rate (100 grams)|
- Indian Silver Prices Fall Significantly Same As Gold, As US Job Market Improves: Check Rates
- Gold Price Delhi, August 2, 2022: Marginal Dip In Gold, Big Fall In Silver Prices
- Silver Market Sharply Bullish, Surges Rs. 4000 In 4 Days, Globally 2.3% Up Intraday: Buy?
- Silver Rates Drop Rs. 800 In The Past 3 Days, Want To Buy: Check Rates
- Silver Rates Marginally Gain In India, Up To Rs. 5590: Check Prices In Major Cities
- Silver Rates Are Flat This Week In India, Check Silver Rates In Major Cities Here
- Silver Prices Bullish In India, Amid Reduction In Base Import Prices: Check Rates
- Silver Prices Surge By Rs. 300 In Last 3 Days In India, See Silver Performances To Invest
- Silver Rates Quoted At Rs. 5700, US Dollar Index Sharply Bullish
- Silver Rate In India Gains Marginally, Follows Global Trend: Check Rates Here
- Gold Prices Today: Yellow Metal Prices Dip By Rs 436, Silver Gains Rs 233
- Silver Rate Drops Sharply By Rs. 200, Check Rates In Major Cities Here
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Story first published: Monday, August 8, 2022, 22:31 [IST]