Sushil Finance has come out with its report on Silver. "We expect spot Silver prices to trade on positive note on the back of strong economic data from US and China coupled with upside in the Spot gold price.", says the report.
A spot Silver price increased by 0.46 percent in yesterday's trading session on the back of upside in the Spot gold price and Base metal pack. Further, rise in risk appetite in the global markets supported prices. However, weak economic sentiment data from Germany and housing data from US capped sharp upside in the prices.
In the Indian Markets, silver prices rose by 0.4 percent taking cues from Intl Spot gold prices. However, sharp upside in the prices was capped due to appreciation in the Indian Rupee. Silver Prices touched intraday high of 42448/Kg and closed at 42374/Kg
Outlook
We expect spot Silver prices to trade on positive note on the back of strong economic data from US and China coupled with upside in the Spot gold price. Further, rise in base metal pack may support prices to trade in green. China's leaders are confident that the country will hit 7.5 percent economic growth; this may support Silver Prices. Additionally, upbeat global market sentiments may prove to be positive for the prices. However, geopolitical tension in Iraq escalated and ongoing dispute between Russia and Ukraine may avert sharp rally in the prices or even reversal may be seen. In the Indian Markets appreciation in the Indian Rupee may cap sharp upside in the prices.
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