Karachi, March 11, 2019 (PPI-OT): Silver
Silver markets spent the early part of the week breaking down, just as other precious metals markets did, but silver found plenty of support at the $15 level. In fact, it has turned around of form a very bullish looking hammer stick, especially considering that the jobs number look very soft as well, giving the US dollar some weakness. Now that it looks like the Federal Reserve are going to be raising rates anytime soon, that should keep currency relatively “cheap”, meaning that Silver should have the ability to climb. The precious metals sector should do fairly well, with gold rallying in and of course bringing silver right along with it. The obvious target to the upside is the $60.00 level, an area that is going to be difficult to crack. The alternate scenario of course is that it turned around to break down below the $15 level, which would be especially crippling at this point.
Silver prices were flat on last trade at $15.30 per ounce
Silver prices were quoted lower by 0.20 per cent to USD 15.38 an ounce
Silver prices fell 0.22 percent in futures trade today as speculators cut positions amid a weak trend overseas
Silver also witnessed a fall due to a slump in demand by industrial units and coin makers
Slipped in the wake of the dollar’s rise against its major global peers
Silver gained during the day, supported by the dollar’s decline against most major currencies, in addition to the rise of concerns about the global economy and weak economic data, which drove investors towards metals.
Chinese stocks fell, at biggest daily loss since October, as Beijing announced a 20% drop in exports in February after a 9.1% increase in January. In the same context, the US Department of Labour released that the economy added twenty thousand jobs last month, the lowest number of monthly jobs in about a year and a half.
The dollar index against a basket of major currencies fell by 0.3% to 97.3 points, reaching a high of 97.6 points and a low of 97.2 points. Meanwhile, Silver rose 2.1% to $15.349 an ounce, gaining 0.6% weekly the metal hit a day high of 15.385 and a low of $15.015.
The dollar index fell at a rate of 0.2% on Friday, caused by a correction and profit taking, after yesterday’s 21-month high at a peak of 97.65 points, reversing the temporary rise of the US currency against a basket of global currencies.
The US dollar’s stop comes ahead of important data on the US labour market, which provides strong evidence of the pace of growth of the world’s largest economy and the possibility that the Federal Reserve Bank will raise US interest rates at least once this year.
Yesterday, silver prices lost 0.3%, in the second daily loss in a row, and the lowest in three months at $14.97 an ounce, under the pressure of the fall of most metals denominated in US dollars.