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Silver Hits Above $18 Levels
Silver
trading range for the day is 42689-43123.Silver prices ended with a
loss but tallied a third consecutive weekly gain as political
uncertainty continued to boost investment demand for the metal.
Silver futures managed to recover as a rebound in global Gold futures
helped sentiments. COMEX Silver futures extended rally after testing a
five month low under $16 per ounce. Increase in demand prospects from
solar equipment industry in 2017 is triggering good bargain buying.
Silver outsmarted Gold sharply last year.
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The white metal added about
17% in value, closing the year around $16.30 per ounce. However, retail
demand in India remains lax following the Demonetization move and would
take a while to rebound. India's Silver imports also slipped by 33% to
Rs 196 crores. COMEX Silver ended just above $18 per ounce levels. MCX
Silver futures for March also rose near Rs 43000 per kg levels after
testing lows near Rs 42K.
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