Prices of silver remain at Rs 67,943 per kg as the US dollar depreciates; speculators cut a long distance

Silver prices stabilized on June 28 following a reduction in gold prices and the weakness of the dollar. The precious metal received Rs 293 or 0.43 percent last week in the MCX.

The white metal sold in a good location after the start of the track to silence world indicators.
Small precious metals have been trading below 20, 50 and 100 day moving averages but higher than the 5 and 200 day moving averages on the daily chart. The relative strength index (RSI) is at 37.37, indicating the weakest movement in value.

According to CFTC data, speculators have reduced the net position by 16,675 contracts to 29,882 in the week to June 22.

Silver capture at iShares ETF dropped 54.8 tons to 17,395.73 tons. The NAV Fund is selling at a discount of 0.28%.
The US dollar index fell to 91.75, down 0.09 percent compared to the big cross.

“Among other precious metals, silver was also high on Monday afternoon in Asian trade, followed by a weak dollar. Technically, if the LBMA Silver supports above the $ 26.00 level and will continue its bullish momentum to $ 26.30- $ 26.90 levels. The funding is $ 25.90- $ 25.00 ”, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

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“Domestic silverware was high on Monday afternoon trading, followed by overseas prices. Technically, if MCX Silver July sells above 67500 levels we can see the continuation of its bullish momentum to 68200-70000 levels. Support at 67000-65800 levels ”, Iyer added.
The current gold / silver rating stands at 68.18 to 1 indicating that the silver is superior to gold.

IMCX Bulldesk dropped 4 points or 0.03 percent, to 14,510 in 15:31. The indicator tracks the real-time performance of the future of MCX Gold and MCX Silver.

In the futures market, the July delivery silver hit a high intraday of Rs 68,344 and a low Rs 67,814 per MCX. So far in the current series, the precious metal has touched a low value of Rs 63,456 and a high of Rs 74,222.

The silver delivery for the July contract earned Rs 70, or 0.10 percent to Rs 67,943 per kg in 15:32 hours with a business profit of 5,925 lots. The same September contract increased by Rs 60, or 0.09 percent, to Rs 69,010 per kg with a profit of 8,319 lots.
The number of July and September contracts sold to date is Rs 858.07 crore and Rs 617.13 crore, respectively.

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Similarly, the June Silver Silver Mini contract included a maximum of Rs 52, or 0.08 per cent of the Rs 68,102 in business income of 781 lots.

At 1004 (GMT), precious metals had risen 0.25 percent and quoted $ 26.15 an ounce in New York.

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