Weekly Silver Review: Volatile moves seen after metal races to record highs well above $50 per ounce

Silver zoomed to record highs above $53 per ounce amid sustained upmove as weak US dollar clubbed with generally upbeat cues from precious metals complex boosted the counter. The metal dipped around 5% on 17th October but still ended the week with a gain of around 7%. Safe haven demand is boosting the metal the International Monetary Fund has warned that despite the markets' apparent calm since spring, the institution believes that investors are severely underestimating the risks facing the global economy. With trade wars, massive budget deficits, and overvalued assets, conditions could be ripe for a sudden and disorderly market correction. This is leading to a sustained spell of gains for the bullion counters. Meanwhile, India?s Silver imports zoomed around 152% on year to Rs 11543 crore in the month. Silver imports during the same period spiked 62% to Rs 28007 crore. MCX Silver futures pulled back amid a highly volatile session on 17th October as highs around Rs 170000 proved fickle. The counter ended around Rs 156000 per kg mark.

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