Silver Futures Plummet on Participant Sell-Off

Silver futures prices took a hit on the Multi Commodity Exchange (MCX) on August 18, dropping by Rs 2,535 to Rs 2,41,240 per kilogram. This decline was largely due to a sell-off by participants in the market.

According to analysts, the main contributor to this drop was the reduction in bets placed by these participants. The MCX saw a business turnover of 4,317 lots on this day, with silver contracts for December delivery being affected the most.

The global white metal prices were also down, trading at USD 65.01 per ounce in New York, representing a decrease of 1.78% from previous levels.