Silver rate today: Compared to the previous closing level of ₹2,50,605, the white metal saw intraday lows of ₹2,48,163 and highs of ₹2,51,889.
The current price of silver: Ahead of the yearly rebalancing of the commodity index and the announcement of important US economic data, silver prices continued to decline on Thursday, January 8, breaking over 3.5% to trade below ₹2,42,000 on the Multi Commodity Exchange (MCX).
According to a Bloomberg story, passive tracking funds are anticipated to sell precious metals futures on Thursday in order to comply with the new weightings mandated by the indexes. Sales are anticipated to be larger than normal due to the significant increase in gold and silver prices.
Silver pricing today: The white metal reached intraday lows of ₹2,48,163 and highs of ₹2,51,889 in contrast to the previous closing level of ₹2,50,605.
Silver's current price: Silver prices dropped further on Thursday, January 8, breaking over 3.5% to trade below ₹2,42,000 on the Multi Commodity Exchange (MCX), ahead of the commodity index's annual rebalance and the release of significant US economic data.
A Bloomberg article claims that in order to adhere to the revised weightings required by the indexes, passive tracking funds are expected to sell precious metals futures on Thursday. Because of the sharp rise in the price of gold and silver, sales are expected to be higher than usual.
"After U.S. ADP non-farm employment data beat estimates by 41,000 on Wednesday, gold and silver prices fell substantially in a highly turbulent session. Gains in precious metals were limited by the dollar index's recovery against the main world currencies. However, lower prices of gold and silver were supported by weaker-than-anticipated U.S. JOLTS job postings, according to Rahul Kalantri, VP Commodities at Mehta Equities.
Is it a good time to buy silver?
The director of Ya Wealth, Anuj Gupta, claims that the COMEX silver price is up against a small obstacle at $79 and a significant obstacle at $82 per ounce. According to the analyst, the white metal might soon hit the $82 mark after convincingly breaking above $79.
Only when white silver breaks over $82 per ounce levels on a closing basis can a bullish or negative trend be presumed. We may anticipate that the price of precious bullion will shortly reach $90 per ounce after this occurs, according to Gupta.
Citing an unfavorable risk-reward outlook, Client Associates continues to maintain an underweight position in silver and advises clients not to open new holdings at present prices.
Regarding the technical picture, Mehta Equities' Kalantri stated, "Silver has resistance at $80.05-82.40 and support at $75.10-73.45." Silver has resistance at Rs2,55,810, 2,58,470, and support at Rs2,46,810, 2,42,170 on the MCX.
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