Silver remains under pressure

AHMEDABAD, 16 MARCH: Silver fell to around $80/oz sliding for a fourth straight session as the Iran war entered its third week and oil prices remained volatile. Oil initially surged after the US attacked military targets on Iran’s main oil-export hub of Kharg Island over the weekend and threatened to strike energy infrastructure if Tehran interferes with transit through the Strait of Hormuz. Meanwhile, markets are weighing reports that the US will soon announce a coalition of countries to escort ships through the narrow waterway linking the Persian Gulf with global markets. Higher energy costs and rising inflationary pressures have reduced expectations that the US Federal Reserve and other major central banks will cut interest rates, a headwind for non-yielding precious metals. The Fed is widely expected to hold its policy rate steady this week, while central banks in the Eurozone, UK, Japan, Switzerland, Australia and Canada are also set to decide on monetary policy. MCX Silver May is likely to weaken to Rs 256,000/kg amid a weak sentiment in the world silver market. – By Mr. Jigar Trivedi, Senior Research Analyst at Indusind Securities

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(સ્પષ્ટતા: અત્રેથી આપવામાં આવતી તમામ પ્રકારની માહિતી કોઇપણ પ્રકારે રોકાણ/ ટ્રેડીંગ માટેની સલાહ નથી. બજારોમાં રોકાણ જોખમોને આધીન છે અને રોકાણ કરતા પહેલા કૃપા કરીને તમારા સલાહકારની સલાહ લો.)