Now Reading: Silver falls ₹836, gold down ₹437 on weak demand
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Silver falls ₹836, gold down ₹437 on weak demand
Silver prices dropped ₹836 to ₹2,36,999 per kg in futures trade on the Multi Commodity Exchange on Thursday, as participants reduced bets. Analysts told The Hindu Businessline that a sell-off by participants…
The Story in Brief
Silver prices dropped ₹836 to ₹2,36,999 per kg in futures trade on the Multi Commodity Exchange on Thursday, as participants reduced bets. Analysts told The Hindu Businessline that a sell-off by participants weighed on prices. Globally, silver traded 0.18% higher at $65.44 per ounce in New York.
Gold also fell, declining ₹437 to ₹1,54,445 per 10 grams for October delivery, amid weaker spot demand. Globally, gold futures slipped 0.31% to $4,394.57 per ounce. The declines came as precious metals faced selling pressure in domestic markets despite mixed global cues.
The Indian Opinion
The usual narrative of global cues driving domestic prices looks thin today, silver fell here while rising abroad. This suggests local factors like participant sell-offs or low spot demand, not international trends, are at play. A better test: watch whether the divergence persists after the next US jobs or Fed rate signal, which will reveal if India's market is decoupling or just reacting to domestic liquidity.
Sources (2): thehindubusinessline.com, thehindubusinessline.com (2)
This story was synthesised by AI from the 2 sources linked above.
