Silver stabilises after 5% fall as dollar rebounds

AHMEDABAD, 19 MARCH: Silver stabilized above $75/oz after a roughly 5% drop in the previous session, as hawkish signals from the US Federal Reserve and surging oil prices weighed on precious metals. The US central bank held its policy rate steady on Wednesday as expected, while flagging upside risks to inflation from the Iran war. The Fed indicated it will not cut rates until inflation shows signs of easing, though it still projects one rate reduction this year. Data on Wednesday also showed US producer prices rose more than expected in February. Meanwhile, oil prices climbed again, with Brent futures exceeding $110 a barrel following fresh attacks on energy infrastructure in the Middle East. Iran launched missile strikes on a Qatari facility housing the world’s largest LNG export plant, one of several targets Tehran vowed to hit after an Israeli strike on Iran’s South Pars gas field. MCX Silver May futures is likely to find support near Rs. 240,000/kg and weak rupee to support a rebound. – 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.)