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Thursday, 14 August 2014

MCX Silver futures contract trades flat by a firm global trend as tension in Ukraine and the Middle East

Silver prices on MCX were trading flat today as market participants assessed tension in Ukraine and the Middle East.

At the Multi Commodity Exchange, Silver far-month December futures contracts gained by Rs 30, or 0.07 percent to Rs 44,220 per kg. Silver prices touched an intraday high of Rs 44272 and an intraday low of Rs 44057. So far 597 contracts have been traded in today morning session.

Likewise, Silver September futures contract was trading at Rs 43400 up Rs 83, or 0.19 percent. Prices hit an intraday high of Rs 43500 and an intraday low of Rs 43240.

Meanwhile in global market, Silver for September delivery added 0.2 percent to $19.875 an ounce in Comex, after reaching an eight-week low of $19.705 yesterday. In Singapore exchange, silver traded higher at $19.86 an ounce in from $19.82 yesterday.

Khelo MCX Commodity Analysts said profiteers accumulated new positions buoyed as the stress in Ukraine and in the Middle East versus the strength of the United States economy which had repercussions on silver metal prices at futures trade.

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