Silver Prices Rise on MCX Amid Fresh Position Building
Silver futures on the Multi Commodity Exchange (MCX) rose by ₹222 to ₹2,46,819 per kilogram in a business turnover of 3,748 lots on Monday. This represents a 0.09% increase from the previous day's prices. Analysts attribute this rise to fresh position building by participants.
The overseas market saw silver futures decrease by 0.19% to $68.86 per ounce, indicating a slight dip in global demand. Despite this, domestic investors remain optimistic about the metal's prospects.
On the Bombay Stock Exchange (BSE), the SENSEX and NIFTY indices both closed lower than their previous day's values, with the SENSEX down 267.11 points to 77,273.72 and the NIFTY down 84.95 points to 24,167.05.
The price of gold on MCX also saw a significant increase, rising by ₹756 to ₹163,194 per kilogram. However, crude oil prices declined by ₹147 to ₹8,212 per barrel.