Thursday, 1 October 2015

Mcx Market Update

Silver settled down -1.17% at 34547 tracking weakness from Comex Silver which was down 0.6 percent at $14.52 an ounce and closed the quarter down nearly 8 percent hit its lowest level in two weeks and recorded its biggest quarterly loss in a year on Wednesday as U.S. jobs data came in stronger than expected and the market awaited clarity on the timing of a hotly anticipated U.S. interest rate rise. While Comex Gold seen worst quarter since the third quarter of 2014, having fallen nearly 5 percent since July. It was its fifth successive quarter of losses, the longest such streak since 1997.
The metal has come under pressure from expectations that the U.S. Federal Reserve is set to hike interest rates this year, potentially lifting the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. In economic news, a report from payroll processor ADP on Wednesday showed stronger than expected private sector job growth in September, reflecting strong job growth at large businesses. The upbeat jobs data could be a catalyst for the Fed to move towards a hike in interest rates with focus now on Friday's employment data, despite some persistent global economic headwinds led by China.

Silver trading range for the day is 34086-35230.

Silver prices dropped as optimistic U.S. employment data bolstered hawkish arguments for an interest rate hike by the U.S. central bank.

Data showed U.S. companies hired workers at a solid clip in September, adding a more-than-expected 200,000 jobs.

Holdings at ishares silver trust gained by 0.36% i.e. 35.61 tonnes to 9907.38 tonnes from 9871.77 tonnes.

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