NEW DELHI (Economy India): Silver prices declined by Rs 2,024 to Rs 2,39,579 per kilogram in futures trade on Monday as market participants reduced their positions, weighing on prices.
On the Multi Commodity Exchange (MCX), silver contracts for December delivery fell 0.84 per cent to Rs 2,39,579 per kg. The contracts recorded a business turnover of 2,096 lots.
Silver Prices Decline as Participants Cut Bets
Market analysts attributed the decline primarily to selling by participants in the futures market.
The reduction in positions put pressure on silver contracts during Monday’s trading session, leading to a fall of Rs 2,024 per kg from the previous level.
December Silver Contracts Under Pressure
The December delivery silver contract remained under pressure as traders reduced their exposure.
The latest movement reflects short-term selling pressure in the futures market, although silver prices can also be influenced by global precious-metal trends, currency movements, industrial demand and investor sentiment.
Silver Market Closely Watched
Silver has both investment and industrial demand, making its price movements sensitive to developments in financial markets as well as expectations for industrial activity.
Traders and investors will continue to monitor global precious-metal prices and domestic market trends for further direction.
For now, the December silver contract on MCX has moved down to Rs 2,39,579 per kg, following the latest round of selling by market participants.
(Economy India)
