Silver Futures Plummet to Rs 2.39 Lakh/kg on MCX Due to Participant Sell-Offs

Silver futures on India's Multi Commodity Exchange (MCX) plummeted to Rs 2.39 lakh per kilogram due to sell-offs by participants, causing a decline of 0.01 percent in prices.

The December delivery contracts for silver saw the biggest drop, falling by Rs 34 per kilogram from the previous day's price.

Analysts pointed out that the fall was largely attributed to participant reductions in their bets, leading to lower demand and consequently lower prices.

Globally, silver also suffered a decline, trading at USD 66.22 per ounce in New York, down by 1.27 percent from the previous day's price.