Silver Futures Plummet on Reduced Bets

Silver futures prices fell sharply in futures trade as participants reduced their bets. The silver contracts for September delivery declined by 1.73 per cent in 2,577 lots.

This sell-off weighed heavily on silver prices, causing them to drop by Rs 4,023 to Rs 2,28,396 per kilogram. Analysts pointed out that the global market was not a significant factor in this decline, as the white metal was trading 0.99 per cent up at $62.74 per ounce in New York.

The reduction in bets by participants is seen as a key reason for the price fall. This indicates a shift in market sentiment, with investors reevaluating their positions in silver futures.