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Friday, 12 September 2014

MCX Silver futures prices slide down below Rs 41,110 per kg on weak global trend

Tracking a weak global trend, mcx silver futures prices today slide down below Rs 41,110 per kg as speculators reduced positions.

At the Multi Commodity Exchange, Silver December futures fell by Rs 173, or 0.42 per cent, to Rs 41,097 per kg. Silver prices hit an intraday high of Rs 41315 and an intraday low of Rs 41040.

Khelo MCX Analysts said that a weak tendency in bullion metals overseas on speculation that borrowing costs in the United States will go up sooner than expected fortified the dollar, eroding the demand for precious metals as an alternative investment, pulled primarily by the silver prices in futures trade here.

Bullion metals found a bit of support, however, after that US President, Barack Obama on Wednesday said in a speech to the nation that the United States conducting a "systematic campaign" of air strikes against activists of the Islamic State in Syria.

At Comex, silver for December delivery edged up 0.15% to trade at $18.627 a troy ounce.

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