Hot Commodities: Silver holds just under $43 per ounce, gains 3% last week

COMEX Silver futures continued to outshine last week, testing fresh 14-year highs above $43 per ounce and clocking around 3% spike for the week as a break above $40 per ounce mark held on. Bullish cues from copper and a generally upbeat outlook for bullion counters boosted the white metal amid a frail undertone in the US dollar which lingers around six-week low. Silver currently trades down 0.27% at $42.72 per ounce. Global silver investment remains concentrated in just four countries ? the US, India, Germany and Australia ? which together account for about 80% of bar and coin demand, according to a new report published by the Silver Institute. It noted that silver?s role as both a monetary and industrial metal, alongside shifting investment patterns, has reinforced its importance to global markets. On MCX, benchmark Silver futures jumped near Rs 130000 per kg last week with weak Indian Rupee offering further boost. The counter currently trades at Rs 128491 per kg, down 0.27% on the day.

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