Gold & Silver

Silver futures tumble by Rs 852 on weak global cues

PTI New Delhi | Updated on January 17, 2018

Taking weak cues from overseas markets, silver prices slumped Rs 852 to Rs 44,592 per kg at the futures trade today as participants cut down their positions.

At the Multi Commodity Exchange, silver for delivery in September plunged Rs 852 or 1.87 per cent to Rs 44,592 per kg in a business turnover of 1,228 lots.

Similarly, the white metal for delivery in December dived Rs 821 or 1.77 per cent to Rs 45,684 per kg in a business volume of 77 lots.

In the international market, silver fell 2.03 per cent to USD 18.86 an ounce in Singapore today.

Traders said the fall in silver prices at the futures trade was largely in step with a weak trend in precious metals in global markets as the dollar strengthened against a basket of major currencies after comments from two Federal Reserve officials raised expectations for an interest rate increase this year and reduced appeal for the precious metals as a haven.

Published on August 22, 2016

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