Silver prices surged to Rs 66,990 / kg as participants extended their long positions, as evidenced by the open interest on April 8. After the start of the gap reduction in the daytime session, silver turns positive, tracking the growth of gold and industrial metals against the background of the dollar. weakness.
On the Multi-Commodity Exchange, May silver rose Rs 716, or 1.07 percent, to Rs 67,399 per kg. The current gold / silver ratio in the spot market is 69.11 to 1, which means that silver outperforms gold. In addition, the April contract for the Silver Mini jumped Rs 627, or 0.94%, to Rs 67,298 per kg.
In the afternoon against the major cross, the US dollar index slipped slightly to 92.37, down 0.10%.
Oil fell on rising gasoline inventories in the United States and fears that the coronavirus outbreak would impede a global recovery in fuel demand. The US Energy Information Administration (EIA) reported a 3.52 million barrel drop in crude oil inventories in the week ended April 2, compared with an expected 1.43 million barrel drop.
At 4:10 pm ET, the MCX iCOMDEX crude oil index was down 15.73 points, or 0.31 percent, to Rs 4,978.72.
On the MCX, crude oil for April delivery hit a daily high of Rs 4,475 a barrel and a daily low of Rs 4,394 a barrel in the futures market.
Despite the decline in crude oil inventories, crude oil prices declined due to an unexpected increase in US gasoline inventories.
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