Silver futures also gained yesterday tied by gold’s gain amid cheerful news from the Greece regarding an acceptance over the austerity measures to secure the second bailout package for them.
The immediate delivery future settled with gain of 0.63% at COMEX and the same has been observed at MCX.
Global equities cheered the Greek austerity deal and settled with modest gains. Also, the fall in jobless claims might have raised the investors’ risk appetite
The Euro strengthened against the dollar on optimism of Greek leaders are taking steps toward securing a second bailout package for the nation
The I-share silver holding increased to 9664.26 tons from 9649.15 tons as on Feb.6
OUTLOOK:
Silver is seen little weaker at the early Globex electronic session. Although the Greek news was quite supportive for the financial markets but it is again creating confusions after reports showed that they still need 15-days time.
Before disbursing any amount, the “Troika” is likely to inspect the extent of austerity impact over the area.
Euro therefore is likely to remain under stress as the IMF also released a skeptic thought over the ability of 130billion Euros to restrict Greece from default.
Asian equities are showing slight weakness owing to the IMF news and thereby might create negative impact on silver prices.
US economic releases in the form of trade balance which is likely to widen the deficit might keep the dollar under pressure in the evening.
Therefore, silver prices might get support at the later part of the day.
Courtesy: Karvy Commtrade Ltd.
Looking for Trading Advisories? Visit tips.commodityonline.com
