Silver Imports

Gem and Jewellery Export Promotion Council says step will balance trade deficit with the US

Silver may decline a bit, though downside is likely to be limited

Silver is expected to push higher should gold rise to record highs. The grey metal is up around 15 per cent this year

As long as Silver continues to hold above $30 (Rs 88,000), we look for a target of $35 (Rs 103,000) in the coming months

Support for Silver is at $31.77 (Rs 94,000) /$31.11 (Rs 92,000). Resistance is $32.55 (Rs 96,300)/$33.45 (Rs 99,000)

Total known global silver ETF holdings stood at 710.01 MOz, the lowest since September 23, as on January 27

Silver looks vulnerable as industrial commodities are under pressure on Trump's tariff threats

Silver trading strategy: Support is at $30 (Rs 90,200)/$29.60 (Rs 89,000). Resistance is at $31.10 (Rs 93,400)/$31.50 (Rs 94,600)/$31.85 (Rs 95,600)

Silver trading strategy: Stable US yields may help Silver test the resistance around $30.20 in ultra-short term, though buying the dips is advisable over chasing the rally

With a constrained supply growth and rising industrial usages, silver is mostly headed for a fifth straight year of deficit in 2025

The Fed cutting rates despite citing strong growth will put the focus back on inflation. The US bonds are quite volatile. Yields are likely to spike again on growth expectations and deficit concerns

Spot silver at the time of the MCX closing was trading at $33.67, down around 0.10 per cent on the day.

India has raised its concerns over jump in imports of silver products, platinum alloy, and dry dates from the UAE and urged the country to ensure that the rules are not circumvented under the free trade agreement (FTA), an official statement said on Tuesday. The UAE has agreed to examine the concerns raised by the India, the commerce ministry said. Following significant increase in imports, India sought review of certain provisions of the FTA with the UAE that came into force on May 1, 2022. The concerns were raised during the second meeting of the joint committee (JC) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in the UAE on October 14. The Indian delegation was led by Additional Secretary in the Department of Commerce Ajay Bhadoo and Assistant Undersecretary for International Trade Affairs, Ministry of Economy of the UAE, Juma Al Kait co-chaired from the UAE side. "Indian side raised the issue related to the recent surge in imports of silver products,

Surging US Dollar Index and tumbling bond prices are acting as headwinds for the metal as the US rate cut pace has become somewhat uncertain in the short term. Dip buying is preferred.

On Tuesday, silver surged sharply higher on an unexpectedly huge stimulus package announced by China's Central Bank and the Chinese authorities.

Spot silver was extremely volatile in the wake of the US Fed cutting rates by 50-bps at its FOMC meeting concluded on September 18.

On Thursday, spot silver rallied to a nearly three-week high on Fed rate cut bets and firmer industrial commodities.

West Asian nation now India's largest source of silver imports

India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previously, only authorised agencies

Investor sentiment has played a pivotal role in boosting silver imports