Silver bounces above $70 per ounce amid dollar weakness

COMEX Silver futures bounced today after a near 8% slide in last session as markets eyed US dollar index and bargain buying capped losses for the metal. The US dollar slid from multi-month highs as soaring energy prices twisted outlook for global interest rates that could trigger major central banks to hike interest rates. US dollar index has tumbled near one-week low around 99.20 mark. COMEX Silver futures tested around six-week low near $65 per ounce and also came closer to previous bottom near $64 per ounce before witnessing some support. The metal moved up above $70 per ounce today and currently trades at $72.36 per ounce, up 1.60% on the day. MCX Silver futures are trading at Rs 231020 per kg, down 0.19% on the day after opening near Rs 239000 per kg mark. Markets are pricing in the mega slide in global Silver futures in last session amid a sustained spell of weakness in Indian Rupee which has dipped beyond 93 per US dollar mark test fresh record lows.

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