NEW DELHI: (Economy india): Silver prices declined by Rs 903 to Rs 2,43,317 per kilogram in futures trade on Tuesday as participants reduced their positions amid selling pressure in the market.
On the Multi Commodity Exchange (MCX), silver contracts for September delivery fell by Rs 903, or 0.37 per cent, to Rs 2,43,317 per kg. The contracts recorded a business turnover of 1,702 lots.
Market analysts said that increased selling by participants was the key factor behind the decline in silver prices. The fall came as traders booked profits after recent gains and reduced their exposure to the precious metal.
Silver prices have remained volatile in recent trading sessions, influenced by movements in global bullion markets, investor sentiment and expectations surrounding interest rates. Changes in the value of the US dollar and global economic conditions can also affect demand for precious metals.
The precious metal continues to attract investor attention as both an industrial commodity and a traditional investment asset. However, short-term price movements are expected to remain sensitive to global market developments.
Market participants will now watch international silver prices and upcoming economic signals for further direction in domestic silver futures.
(Economy india)
