MCX Silver Update – Keep Eye on ₹44500, If Hold Below Target 44100 — 43820
MCX Silver Low ₹44460 Watch Level ₹ 44500
Below Target 44100 — 43820
Gold and silver prices in India are also highly influenced by global trends. On the trade war front, tensions have now eased after a Bloomberg report on Saturday quoting Treasury spokeswoman Monica Crowley said that US exchanges are not contemplating on blocking Chinese companies from being listed on American stock exchanges at this time. A Reuters report a day before said that the US administration was considering de-listing Chinese companies.
Contradicting news reports have created short term confusion among traders who are choosing to switch their position from equities to bonds, which makes the US dollar gain. As the American currency strengthens, it makes gold purchases expensive for importers in other countries, thus reducing its demand.
Further, on Sunday, Chinese Vice Commerce Minister Wang Shouwen said the two largest economies of the world would be resolving their trade dispute “with a calm and rational attitude.” The Chinese and American authorities are scheduled to meet in October for trade negotiation talks.
