Silver races higher, MCX futures above Rs 220K mark

COMEX Silver futures firmed up today though overall movement is rangebound. The metal currently trades at $59.44 per ounce, up 2.70% on the day. MCX Silver is also up 1.80% at Rs 220650 per kg. A sharp drop in the US dollar index in last session is pushing up metals. Dollar index fell near seven-week low of 99.30 mark yesterday before edging higher modestly today. Meanwhile, in equities, China's Shanghai Composite index added 0.33%. Hong Kong?s Hang Seng index eased 0.60%. Japan?s Nikkei average rose 0.32%. European stocks stayed mostly supported amid lack of major economic cues. The US stocks moved up in last session. The DOW index jumped 1.3% to hit a record high. The S&P 500 soared 1.5% and the Nasdaq Composite also rose 2.1%.

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