Commodities
Silver Prices Plummet on MCX Amid Reduced Bets
Silver futures on the Multi Commodity Exchange (MCX) took a hit yesterday, with prices dropping by Rs 2,601 to Rs 2,24,841 per kg. The decline was largely attributed to participants reducing their bets and a general sell-off.
Analysts pointed out that the fall in silver futures was not an isolated incident, as global markets also saw a slight decrease. Silver traded at USD 60.55 per ounce in New York, down by 0.15% from its previous price.
The decline in silver prices on MCX was observed in December delivery contracts, with a business turnover of 1,684 lots. The reduced bets and sell-off by participants weighed heavily on the market, contributing to the overall drop in prices.