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- Base metals, Oil may trade higher on US data; Gold, Silver to be negative
- Spot gold prices declined around 0.5 percent today on the back of upbeat global markets which led to fall in safe haven appeal for the commodity. Further, strength in the US Dollar Index (DX) added downside pressure on prices.
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By Amrita Mashar
On India's MCX Silver for March delivery is expected to trade in range of Rs.57000- Rs.58800 for today.
Bullion prices will closely monitor the remarks from meeting of ECB this evening as this may impact prices in today’s trading session.
For intra-day, silver prices are expected to trade sideways to negative. Sell on rise is suggested for the day with stop loss of Rs.58500.
MCX Silver for March delivery contract opened slightly lower following weakness in international market. Weak prices of base metal and crude prices have put pressure on white metal prices in early trading session.
On India's MCX, silver for delivery on March 5 was seen trading at Rs.58119, a percentage change of 0.2% as of 03.05 PM IST on Thursday.
On the Comex in Europe, price of silver for delivery on March 13 was spotted trading at $30.487 as of 03. 19 pm IST on Thursday.
Meanwhile, suggestions to sidestep US Congress to meet the nation's debt obligations is being dismissed by the White House. White house has declared that it is Congress' responsibility to pay the bills of the United States, said a report by Newsmax.
"There is no plan B. There is no backup plan," White House spokesman Jay Carney said to the media.
"There is no alternative to Congress raising the debt ceiling." he emphasized.
The borrowing limit of $16.4 trillion has already been reched by the US government.
Yesterday, silver settled lower by 500 points at Rs.57970 as key policy decisions by central banks in Japan and the euro zone were awaited even as physical buying interest from Asia helped to support the sentiment.
Silver is trading in the range of $30.00-$30.80 since last week after investors were spooked by minutes from the latest US Federal Reserve policy meeting, which showed concerns about the side effects of quantitative easing. (Amrita Mashar is Research Analyst, Commodity Online)
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