Silver physical traders tempted as prices dip

Falls of over 1.5 percent for silverin India, the world’s biggest consumer of the metal, on the back of global markets, tempted some physical traders to buy, market players said.

* The most active silver contract for December delivery fell as much as 1.6 percent before trading 1.33 percent lower at 54,720 rupees per kg. The metal has fallen 4.2 percent since the start of the month, compared with four percent gains in gold. Volumes were on track to match Monday’s.

* “Silver looks attractive at this level,” said an official with a private bullion importing bank, adding premiums stayed steady at 14-15 cents on London prices giving dealers a better margin percentage.

* “The silver business is a bit better than gold… there are some profits happening in silver compared to gold, we are earning about 100 rupees on 60,000 rupees,” said Suresh Hundia, proprietor of Hundia Exports, a large trader.

* Gold futures traded broadly flat following global markets, with no signs of recovery in physical demand. The most active gold contract for December delivery was 0.18 percent lower at 28,686 rupees per 10 grams. – Reuters

Tags: price of silver, Silver, silver analysis, silver news, silver price, silver prices, silver spot, spot silver

Posted by Silver Guru on Nov 30 2011. Filed under Silver Analysis, Silver prices. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry