The decline in gold and silver before the budget has increased. Although there has been a decline in the international market and Comex silver is trading below $ 21. Silver fell 0.7 per cent on MCX is trading at Rs 45,556.
The thing a mild is that despite the weakening rupee against the dollar in the domestic market is not supported by a weaker rupee, silver futures prices here.
At the Multi Commodity Exchange, silver futures for delivery in December shed Rs 327, or 0.70%, to Rs 45,556 per kg. Silver price hit an intraday high of Rs 45830 and an intraday low of Rs 45545. So far 37 contracts have been traded. SILVER prices have moved down Rs 5444, or 10.67 percent in the December series so far.
Khelo MCX Commodity Market analysts said speculators trimmed positions in tandem with a faint global trend since the expectation for higher borrowing costs in the U.S. prop up the dollar, reducing the appeal of precious metals as a safe haven, weighed on silver futures here.
Investors focused attention on the acts of the Fed June meeting on Wednesday ', with some other major U.S. economic releases on the calendar.
Also on the Comex, silver for September delivery fell 0.88%, or 18.7 cents, to trade at $ 21.01 a troy ounce.
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