Silver Prices Plummet as Participants Reduce Bets and Global Cooling Weighs In

Silver futures declined on the Multi Commodity Exchange (MCX) and international markets due to a broad sell-off by participants. The cooling global prices also weighed on the precious metal.

According to MCX, silver contracts for December delivery fell by 0.53% in 2,161 lots. This decline was largely attributed to a sell-off by participants, who reduced their bets on the white metal.

Globally, silver prices were trading at $64.07 per ounce in New York, down 0.55%. The decrease in global prices added to the downward pressure on Indian markets.