MCX Silver Prices Plunge Amid Sell-Off

Silver prices on the Multi Commodity Exchange (MCX) have taken a hit, falling by Rs 508 to Rs 2,18,867 per kilogram in futures trade. This decline is attributed to a sell-off by participants, who have reduced their bets on the white metal.

According to MCX data, silver contracts for September delivery declined by 0.23% to Rs 2,18,867 per kg in a business turnover of 1,084 lots. The global price of silver has also seen a decline, trading 0.23% lower at USD 57.46 per ounce in New York.

Analysts point out that the sell-off by participants is the main reason for the decline in silver prices. This indicates a shift in investor sentiment towards other assets or markets.