Silver prices dropped in futures trade on Monday as market participants reduced their positions. The decline on the Multi Commodity Exchange mirrored a downward trend in global markets.
Silver prices witnessed a downward trend on Monday, falling by Rs 1,955 to Rs 2,40,489 per kilogram in futures trade. Market participants reduced their bets, leading to the overall correction in the domestic market.
On the Multi Commodity Exchange (MCX), silver contracts for December delivery declined by 0.81 per cent, or Rs 1,955, settling at Rs 2,40,489 per kg. The total business turnover during the session stood at 2,004 lots.
According to market analysts, a sell-off by participants was the primary factor that weighed on domestic silver prices during the trading session.
The domestic movement followed global trends. In New York, the precious white metal was trading 1.04 per cent lower at USD 68.22 per ounce.
"Commodity market fluctuations, such as this recent dip in silver futures, highlight the direct correlation between domestic trading activity and global market movements. When participants engage in sell-offs following international price trends, it creates immediate pricing corrections on exchanges like the MCX. Businesses and investors dealing in precious metals need to closely monitor these global shifts and manage their positions carefully to navigate short-term market volatility." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
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