Silver trade weaker after US President Donald Trump said that he would end negotiations on a new fiscal stimulus package until after the November 3 elections, bolstering the dollar. The US dollar index, measured against a basket of six currencies, gained 0.05 percent to trade at 93.78.
Also weighing on the precious metal is the warning from US Federal Chair Jerome Powell reiterating that the economy will stumble without support.
Silver holdings in iShares ETF were unchanged at 17,466.66 tonnes.
Sriram Iyer, Senior Research Analyst at Reliance Securities said, “International silver spot prices were firm this Wednesday afternoon in Asian trade, tracking firm gold prices and copper prices. Prices initially fell in the morning as the US dollar opened with modest gains after US President Donald Trump called off negotiations for a coronavirus relief stimulus package.”
“However, this Wednesday safe-haven appeal for the metal supported prices at lower levels of the session and prices were last trading up with solid gains. Surprisingly, COMEX silver futures are trading weak this Wednesday afternoon in Asian trade.”
MCX iCOMDEX Bullion Index fell 144.93 points, or 0.94 percent, at 15,285.36 at 14:51. The index tracks the real-time performance of MCX Gold and MCX Silver futures.
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