Silver rate today: White metal continues to trade flat on Thursday, January 8. Silver prices fell nearly 1% to trade below ₹2,50,000 on Multi Commodity Exchange (MCX).
On Thursday, the white metal touched an intraday low of ₹2,48,163 and touched an intraday high of ₹2,51,889.
In overseas markets, COMEX silver pared its early-morning gains and is now trading slightly higher at $77.780 an ounce. On Thursday, COMEX silver opened higher with a gap-up start and climbed to an intraday peak of $78.875 per ounce, registering gains of about 1.5%.
In the Indian market, MCX silver prices saw heavy profit-booking ahead of the closing bell, with the white metal ultimately settling ₹7,311 lower at ₹2,51,500 per kg on the MCX.
“ Gold and silver prices declined sharply in a highly volatile session after U.S. ADP non-farm employment data exceeded expectations by 41,000. The rebound in the dollar index against major global currencies capped gains in precious metals. However, weaker-than-expected U.S. JOLTS job openings provided support to gold and silver at lower levels,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Is it the right time to invest in silver?
According to Anuj Gupta, Director at Ya Wealth, the COMEX silver price is facing a minor hurdle at $79 and a crucial hurdle at $82 per ounce levels. Upon breaking above $79 decisively, the white metal may soon reach the $82 level.
“ A bullish or a bearish trend can be assumed only when the white silver breaks above $82 per ounce levels on a closing basis. Once this happens, we can expect the precious bullion to touch $90 per ounce levels soon,” said Gupta.
Meanwhile, Client Associates continues to hold an underweight stance on silver and is recommending that clients avoid initiating new positions at current prices, citing an unfavourable risk–reward outlook.
On the technical outlook, Rahul Kalantri of Mehta Equities said, “Silver has support at $75.10-73.45 while resistance is at $80.05-82.40. On MCX, silver has support at Rs2,46,810, 2,42,170, while resistance is at Rs2,55,810, 2,58,470.”
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
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