Silver prices dropped by ₹4,191 to ₹1,95,408 per kilogram in futures trade on Friday. The decline was driven by participants reducing their bets and a corresponding downward trend in global markets.
Silver prices experienced a decline on Friday, falling by ₹4,191 to reach ₹1,95,408 per kilogram in futures trade. Market participants cutting down their positions and a broader sell-off weighed heavily on the white metal during the session.
On the Multi Commodity Exchange (MCX), silver contracts designated for December delivery registered a drop of ₹4,191, translating to a 2.1 per cent decrease. The trading activity for these contracts recorded a total business turnover of 5,856 lots.
Market analysts noted that the downward movement was primarily a result of participants executing a sell-off. This domestic price correction mirrored international trends.
In global markets, silver traded lower, recording a 1.01 per cent decrease to stand at $54.01 per ounce in New York.
"Commodity markets are inherently sensitive to shifting participant sentiment and global price movements, as seen in this recent correction in silver futures. For businesses and investors dealing in precious metals, such fluctuations highlight the importance of careful risk management and monitoring global macroeconomic indicators closely before making significant capital allocations." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
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