Silver stable after falling around 4% yesterday

COMEX Silver futures are trying to stabilize after correcting heavily in last session. The white metal tanked around 4% yesterday, easing from one-week high as precious metal fell amid a firm US dollar. Silver was also hurt due to sliding Copper and weak equities as the DOW lost more than 1%. Sustained rise in Shanghai silver inventories also weighed on the metal. However, a modest recovery is being seen in the metal as media reports stated that Iran is striking UAE amid ceasefire. This boosted safe haven appeal of both Gold and Silver and the COMEX Silver futures are currently trading at $74.09 per ounce, up 0.77% on the day. MCX Silver futures are trading at Rs 245705 per kg, up 0.74% on the day after hitting a high of Rs 246600 per kg. A modest rise is noted in the open interest too.

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