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Commodities

Silver Prices Drop to Rs 2.19 Lakh/kg on MCX Amid Participant Sell-Off

Guavy AI Editorial Team
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Silver
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Silver futures on the Multi Commodity Exchange (MCX) declined by Rs 817 to Rs 2,19,150 per kilogram on July 31. This drop of 0.37% comes as participants reduced their bets in the market.

Globally, the white metal was trading down at USD 58.57 per ounce in New York, contributing to the decline. Analysts pointed out that a sell-off by participants mainly weighed on silver prices.

The MCX saw a business turnover of 456 lots for September delivery contracts. The price drop reflects a cautious approach to investing in silver, with market players reassessing their positions.

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