Silver Rebounds Rs 1,000 on Global Trends

New Delhi, Feb 18 (PTI) Snapping a three-day losing streak, silver prices rebounded by Rs 1,000 to Rs 2.46 lakh per kg in the national capital on Wednesday, tracking strong trends in the international markets, according to the All India Sarafa Association.

Gold of 99.9 per cent purity, however, fell by Rs 300 to Rs 1,56,700 per 10 grams (inclusive of all taxes).

"Silver traded with mild gains on Wednesday, stabilising after recent sharp declines as bargain buying emerged at lower levels," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.


He noted that near-term sentiment remains cautious amid a firm US dollar and uncertainty around the policy outlook of the US Federal Reserve. However, safe-haven and ongoing central bank buying continue to provide support on dips.

In the international market, spot silver gained USD 2.06, or 3 per cent, to USD 75.60 per ounce, and gold rose nearly 1 per cent to USD 4,918.64 per ounce.

"Gold remained confined to a narrow trading range amid mixed global cues, as investors refrained from taking large directional bets ahead of the release of the FOMC minutes later in the day," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

He added that the minutes are expected to provide insight into Fed policymakers' assessment of the potential timing of future rate cuts, elements that could have a significant impact on US Treasury yields, dollar, and subsequently, bullion prices.