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Friday, 5 September 2014

Silver December futures moves down to Rs 42,000 on overseas cues

Stronger of dollars put so much pressure on bullion market. Dominates in the domestic market sell-off. MCX silver is seen around 0.1 per cent decline to Rs 42,000.

At the Multi Commodity Exchange commodity market today, Silver futures for delivery in far-month December fell by Rs 41, or 0.10 per cent, to Rs 42,035 per kg. Silver prices hit an intraday high of Rs 42185 and an intraday low of Rs 41330.

Khelo MCX Bullion Market analysts said speculators slashed positions in line with weak global trend ahead of the decision of the European Central Bank to cut interest rates and implementing a asset securitization program and the covered bond purchase continued to control market sentiment, largely helped lower trade in the silver futures market here.

Elsewhere on the Comex, silver for December delivery edged down 0.08% to trade at $19.123 a troy ounce.

Bullion slipped 1.8 percent this week on the outlook for higher U.S. interest rates and as the dollar strengthened.

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