Silver Jumps Above $20 Mark On Firm Indian Demand

16 Nov 2022 , 04:33 PM

COMEX Silver futures soared today, adding to the recent gains and breaking above $22 per ounce amid firm Indian demand trends and weak US dollar. The metal currently trades at $22.07 per pound, up 2.57% on the day. Indias Silver imports stood at Rs 38119 crore in October 2022, down 28.34% compared to October 2021 and recording a surge of 236% in first seven months of FY23. The shiny metal has moved up in tandem with Gold and Copper recently and is also closely tracking the movement in the US dollar index which fell to three month low yesterday. On daily charts, the metal is likely approaching a critical threshold of $22.50 per ounce which had arrested the upside in June this year and pulled it back to lows under $20 over coming months. Powered by Commodity Insights