Silver futures continue upward journey 18/06/2014

Silver futures continue upward journey
18/06/2014 09:13
Silver futures closed higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal as deepening unrest in Iraq where the military is struggling to hold off insurgency threats from Islamic militants brewed concerns over a fresh civil war in the war-torn Middle East nation, boosting the appeal of silver as a safe haven asset. Further, a rise in US consumer prices last month boosted the demand for silver, a hedge against inflation. US consumer price index climbed 0.4 per cent in May 2014 over the previous month. At the MCX, Silver futures, for the July 2014 contract, closed at Rs. 42,374 per 10 grams, up by 0.41 per cent, after opening at Rs. 42,097, against the previous closing price of Rs 42,204. It touched an intra-day high of Rs 42,448.

Silver futures surge on safe haven appeal 13/06/2014

Silver futures surge on safe haven appeal
13/06/2014 09:48
Silver futures surged in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as a drop in equities boosted the safe haven demand for the bullion. Rising tensions in Iraq amid the risk of a civil war in the country boosted the safe haven appeal of the precious metal. Al -Qaeda militants seized control over Mosul, the country’s second biggest city and moved towards the Iraqi capital of Baghdad even as the Iraqi Oil Minister said that US planes may bomb northern Iraq. Gold futures for Silver 2014 contract, at MCX, closed at Rs. 41,251 per 10 grams, up by 1.59 per cent, after opening at Rs. 40,630, against the previous closing price of Rs 40,606. It touched an intra-day high of Rs 41,298.

Silver futures flat ahead of US jobs data 06/06/2014

Silver futures flat ahead of US jobs data
06/06/2014 11:39
Silver futures were trading on a flat note in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the precious metal ahead of the US jobs data for the month of May which may shape the outlook for the country’s monetary policy. However, the precious metal was supported by the European Central Bank (ECB)’s historic easing measures including a cut in the deposit rate to negative terrain and a reduction in the benchmark rate. At the MCX, Silver futures for July 2014 contract is trading at Rs. 40,298 per 1 kg, up by 0.04 per cent, after opening at Rs. 40113, against the previous closing price of Rs. 40,282. It touched an intra-day low of Rs 40,361. (At 11:27 AM).

Silver futures edge higher on ECB stimulus hopes 27/05/2014

Silver futures edge higher on ECB stimulus hopes
27/05/2014 09:24
Silver futures closed higher in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal after the European Central Bank (ECB) signaled that it was ready to take further action next month to boost inflation in the 18-member Euro area economy, bolstering the appeal of the bullion, which is a hedge against the inflationary risk of monetary stimulus. “What we need to be particularly watchful for at the moment is, in my view, the potential for a negative spiral to take hold between between low inflation, falling inflation expectations and credit, in particular in stressed countries,” Draghi said. At the MCX, Silver futures for July 2014 contract closed at Rs. 41183 per 1 kg, up by 0.95 per cent, after opening at Rs. 40861, against the previous closing price of Rs. 40797. It touched an intra-day high of Rs 41230.

Silver futures higher as Fed official signals slow interest rate rise:21/05/2014

Silver futures higher as Fed official signals slow interest rate rise
21/05/2014 11:15
Silver futures were trading higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal after a top official from the US Federal Reserve signaled that the pace of interest rates increases by the central bank may be relatively slow, as the world’s most powerful central bank gets ready to unwind record QE.
Silver futures for July 2014 contract, at MCX, is trading at Rs. 41,230 per 10 grams, up by 0.49 per cent, after opening at Rs. 41,095, against the previous closing price of Rs 41,030. It touched an intra-day high of Rs 41,347. (At 11:05 AM).

Silver futures tumble on Fed stimulus taper bets

Silver futures tumble on Fed stimulus taper bets

Silver futures slumped in the domestic market on Wednesday as investors and speculators exited positions in the precious metal amid concerns that the US Federal Reserve may continue to taper QE in the coming months, dimming the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus. Fed Chairman Janet Yellen said that given the considerable underlying strength in the economy, QE tapering in recent months has been appropriate. Silver futures for May 2014 contract, at MCX, closed at Rs. 41,928 per 10 grams, down by 1.51 per cent after opening at Rs. 42,596, against the previous closing price of Rs 42,571. It touched an intra-day low of Rs 41,870.