Silver futures for September delivery ended 0.8% lower at $18.28/oz. Investment demand for silver also fell. Stronger dollar resulted further downside.
The dollar index traded with marginal losses in Asian and European hours but, reversed to firm gains in late US hours, following stronger than expected growth in US service sector (ISM non-manufacturing composite). The dollar closed 0.44% higher at 80.952 against a basket of the world’s six major currencies.
Equities remained lower in Asia as Japanese exporters led the declines. European markets saw some improvements after a lower opening while the US closed higher on positive economic data. The benchmark MSCI world index for stocks closed marginally down.
Investment demand for silver also fell as Ishares silver trust lowered its holdings to 9181.48 MT yesterday.
MCX silver futures for September month were down by 0.62% to close at Rs. 28,961/kg.
Silver futures are trading slightly higher at $18.32/oz in Asian hours on Comex’s globex platform. Silver may recover after yesterday’s losses which it incurred despite gains in bullion and base metals. Improved economic sentiments on account of positive jobless reports expected from the US may increase the demand for silver. Moreover, firm equities in Asia may also support silver prices.
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