Silver Prices Drop Amid Global Market Trends

On Wednesday, silver prices declined by Rs 435 to settle at Rs 1,24,095 per kilogram in futures trade. This downturn was driven by traders cashing in profits at elevated levels amid a weak trend observed globally.

At the Multi Commodity Exchange, silver contracts scheduled for December delivery saw a reduction of Rs 435 or 0.35 per cent, reaching Rs 1,24,095 per kilogram across a business turnover comprising 20,244 lots.

Rahul Kalantri, Vice-President of Commodities at Mehta Equities, attributed the retreat in silver prices to minor profit-taking from higher levels alongside a recovery in the dollar index. Globally, Comex silver futures posted a 0.19 per cent decline, settling at USD 41.52 per ounce. Nevertheless, losses were curtailed as investors held out hope for a US Federal Reserve interest rate cut, spurred by signaling around policy flexibility from Chair Jerome Powell, with attention now on the forthcoming US jobs report for additional insight, Kalantri commented.

(With inputs from agencies.)