Wednesday, 26 August 2015
MCX TIPS--- SILVER TRADING UPDATE BY MARKETMAGNIFY
Silver settled down -2.14% at 34652 continued their three-day losing streak despite a rebound in US stock markets following "Black Monday." Earlier this month Comex Silver price reached an August high of $15.59 as support seen on news that the FOMC would likely avoid hiking interest rates next month. Since then, Silver prices have fallen as U.S. and Chinese stock markets reel from their largest sell-offs in years. Yesterday bullion extended losses after data showed US CCI hit a seven-month high in August. This suggested underlying strength in the economy that could still allow the Fed to raise interest rates this year.
Silver trading range for the day is 33885-35825.
Silver prices tumbled sharply continued their three-day losing streak despite a rebound in US stock markets following "Black Monday."
The Conference Board said its index of consumer confidence jumped to 101.5 this month from a reading of 91.0 in July.
The People's Bank of China cut interest rates by 25 basis points to 4.6%, the bank also cut the reserve requirement ratio for large lenders by 0.5% to 18.0%.
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