Silver prices dropped in futures trade on Tuesday following a sell-off by market participants. Contracts for September delivery on the Multi Commodity Exchange saw a decline of 0.37 per cent.
Silver prices on Tuesday experienced a decline in futures trade, falling by ₹903 to ₹2,43,317 per kilogram as participants reduced their bets in the market.
On the Multi Commodity Exchange (MCX), silver contracts designated for September delivery dropped by ₹903, marking a 0.37 per cent decrease. The trading session recorded a business turnover of 1,702 lots for the precious metal.
Market analysts noted that the downward movement was primarily driven by a sell-off among participants, which weighed heavily on domestic silver prices during the session.
In international markets, the white metal also followed a downward trend. Globally, silver was trading 1.04 per cent lower at $68.22 per ounce in New York.
"Commodity markets are inherently sensitive to shifting sentiment and prompt position adjustments by traders. The recent dip in silver futures reflects domestic selling pressure aligning with a broader downward trend in international markets. For businesses and investors dealing in precious metals, monitoring global price movements alongside domestic turnover on exchanges like the MCX remains essential for navigating short-term market volatility." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
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