Silver futures were trading on a bullish note in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal as escalating tensions in the Middle East amidst a Saudi-Iran diplomatic spat arising out of an execution of a prominent Shiite cleric by Saudi Arabia, and a worsening China stock rout, bolstered the safe haven luster for Silver.
Chinese stock markets extended Monday’s rout when the benchmark Shanghai Composite fell 7 per cent, erasing USD 590 billion of investor wealth, pushing emerging markets to the lowest level in more than six years, as a worsening China factory slump fueled more anxiety over the slowdown in the world’s second biggest economy.
At the MCX, Silver futures for March 2016 contract is trading at Rs 33,698 per kg, up by 0.49 per cent after opening at Rs 33,600, against the previous closing price of Rs 33,533. It touched the intra-day high of Rs 33,730.
Chinese stock markets extended Monday’s rout when the benchmark Shanghai Composite fell 7 per cent, erasing USD 590 billion of investor wealth, pushing emerging markets to the lowest level in more than six years, as a worsening China factory slump fueled more anxiety over the slowdown in the world’s second biggest economy.
At the MCX, Silver futures for March 2016 contract is trading at Rs 33,698 per kg, up by 0.49 per cent after opening at Rs 33,600, against the previous closing price of Rs 33,533. It touched the intra-day high of Rs 33,730.
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