Silver prices were marginally lower on July 13 tracking the subdued global trend, and a firm dollar ahead of US CPI data to be released later in the day. The precious metal had posted modest gains of 0.18 percent yesterday on the COMEX.

The white metal turns negative after a gap-up start tracking in the afternoon session.

The semi-precious metal has been trading higher than 5, 20, 100 and 200 days’ simple moving averages but lower than the 50 day moving averages on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 49.61, which indicates sideways in the price.

Investors will keep an eye on US inflation data and Fed chief Jerome Powell’s testimony scheduled later this week for further cues.

Silver holdings in iShares ETF were unchanged at 17,267.10 tonnes. The fund NAV is trading at a premium of 1.08 percent.

NYMEX crude trades in a range above $74.50/bbl. Crude is range bound as market players await more clarity on OPEC’s production policy and are positioning for the weekly inventory report. Amid other factors, support from firmer equities, delay in Iran talks and lower US crude stocks is countered by rising virus cases, concerns about Chinese demand and signs of rising US output. Crude may remain range bound amid OPEC uncertainty and ahead of inventory report but prospect of higher supply and demand concerns may keep pressure on prices,” said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities.

However, weighing on the price is new mobility curbs introduced in parts of Japan, South Korea and Vietnam to restrict the spread of the Delta variant.

“India’s oil demand is recovering as the COVID situation in the country has improved. Although high fuel prices could slow its recovery somewhat, we expect oil prices to ease in the coming months as summer driving demand starts to wane, and with the likely return of Iranian barrels and higher US supply to weigh on balances,” said Lim Jit Yang, adviser for Asia-Pacific oil markets at S&P Global Platts Analytics.

Technicals

The black gold has been trading higher than 5, 20, 50, 100 and 200 days’ simple moving averages and exponential moving averages on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 56.51, which indicates upbeat movement in the prices.