Mumbai, Nov. 18: India’s silver futures may power to a new psychological level of Rs 30,000 per kg later this month tracking a weak dollar and riding on industrial demand on the back of a global economic revival, analysts said.
Silver futures on the Multi Commodity Exchange stru-ck a new contract high of Rs 28,490 per kg, before trading at Rs 28,410 per kg, up 1.23 per cent.
"The bias is still on the upside on continuing dollar weakness," said Mr Prav-een Singh, an analyst with Sharekhan Commodities.
The dollar eased back from its biggest rise in three weeks the previous session, as traders awaited the US inflation data and minutes from the Bank of England’s November meeting for further direction.
"The bullish momentum is likely to sustain in silver. Compared to other metals silver has underperformed other base metals in recent months," said Mr Pranav Mer, an analyst with India Infoline, in Mumbai. — Reuters
