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Commodity Mid Session News

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(08 May 2024, 11:54)

Silver Off One Week High, Lingers Around $27.60 Per Ounce Mark

Silver futures are witnessing sideways movement. The metal hit a one week high of $27.80 per ounce in last session before easing and currently trades at $27.62 per pound, up 0.26% on the day. Silver futures drifted lower to test one month low near $26 per ounce last week before witnessing a modest recovery. Prices have eased considerably over last few weeks after hitting a three year high of $30 per ounce in mid-April 2024. The red metal may find it difficult to see sustained gains as Copper prices are falling from their one year high now. Broad focus on geopolitical scenario and trends in equities will also shape up the narrative for Silver. MCX Silver futures are currently trading at Rs 82870 per kg, almost unchanged on the day.
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