Silver rate today LIVE: Silver futures declined for a second consecutive session on Thursday, mirroring weak global cues. Profit-taking by investors ahead of the crucial US jobs data, along with the annual rebalancing of major commodity indices, weighed on silver prices.
March silver futures on Multi Commodity Exchange had slumped to as low as 240,600 per kg in Thursday’s trade. From its record high level, silver futures remained around 15,000-16,000 per kg.
“Gold and silver extended losses from the previous session, as investors assessed mixed US economic data while geopolitical developments remained a key focus,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Geopolitical concerns also remained in focus, following US announcements aimed at asserting long-term control over Venezuelan petroleum sales and the detention of several tankers linked to Caracas.
Silver price outlook
Anuj Guipta, Director at Ya Wealth, said, “Silver rates today are under pressure due to the strong US Dollar. On the MCX, the gold price today has a strong support base at 2,35,000 per kg, whereas the immediate support for the white metal is placed at 2,40,000. On breaking down 2,35,000 levels, the precious bullion may try to test 2,22,000 to 2,20,000 per kg levels.”
Track this space for LIVE updates on the silver rate today.
