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Thursday, 29 May 2014

Commodity Market MCX silver below Rs 40000

In commodity markets, gold and silver have gone down today. MCX Silver prices declined over 1%  to below Rs 40000 on Thursday.

MCX silver July futures contract was trading at Rs 39,705 per kg, down Rs 497, or 1.24 percent. The silver price hit an intraday high of Rs 40110 and an intraday low of Rs 39622. So far 8656 contracts have been traded. Silver prices have moved down Rs 13713, or 25.67% in the July series so far.

Today rupee strongly, showing the dual pressures on domestic prices.

Market observers said trend in precious metals was feeble in the global markets after promising U.S. economic data have endorsed the case of the Federal Reserve to keep reducing monetary stimulus. It has reduced the attractiveness of the precious metal, weighing on prices of silver in futures trade here.

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