Comments
Silver futures prices fell Rs 398 to Rs 53,693 per kg today as speculators trimmed positions on weak global cues.
Further, a slackness in demand at the domestic spot market put pressure on the metal prices.
At the Multi Commodity Exchange, silver for delivery in July was trading lower by Rs 398 or 0.74 per cent at Rs 53,693 per kg with a turnover of 1,176 lots.
Similarly, silver for delivery in September dropped by Rs 396 or 0.71 per cent to Rs 55,099 per kg with a business turnover of 59 lots.
Analysts said the fall in silver futures was mainly due to a weakening trend in overseas market after the US Federal Reserve Chairman gave no hint on imminent stimulus, disappointing investors and dampening the appeal for precious metals as a hedge against monetary easing.
In addition, subdued demand at the domestic spot market also weighed down the prices, they said.
Meanwhile, silver fell 1.2 per cent to $28.24 an ounce in Singapore today.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.