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Wednesday, 5 November 2014

MCX Silver December contract declines over 4% to under Rs 34,000

 Gold and silver futures prices in the international market once again slipped to below near 4-year. On MCX silver,a much degradation is also seeing than gold, with the decline of 4 per cent is silver trading seen under 34,000.

At MCX Silver December futures contract was trading at Rs 33954 down Rs 1500, or 4.48 percent. Silver touched an intraday high of Rs 35,227 and an intraday low of Rs 34950. So far 3291 contracts have been traded.

Silver futures contract in December plunged 4.5 percent to $ 15.235 an ounce in New York, and set to $ 15.12, the lowest level since Feb, 2010. Silver ETP holdings fell 101.3 tons yesterday, the most since October 8, data compiled by Bloomberg.

At Indian bullion spot market, Silver dropped by Rs. 900 to Rs. 35,050 per kg and weekly-based delivery by Rs. 1,210 to Rs. 34,730 per kg in the national capital today.

In accordance with the users (The Silver Institute), the worldwide demand for silver jewelry transferred from 181.4 million oz in 2012 to 198,8 million ounces in 2013, up 10 percent. As compared, sales of silver eagle were over 40 million.

Bullion traders said weakening trend on global markets as dollar strength eroded demand mainly position the stress on the precious metal.

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