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Friday, 7 November 2014

MCX Silver December futures falls 1.35% as stronger dollar erodes metal demand

MCX Silver prices driven low 1.35 percent at 33,810 rupees per kg in the futures market today as the market players cut positions as a stronger US dollar eroded demand for the metal.

At the Multi Commodity Exchange, silver futures delivery in December declined by Rs 461, or 1.35 percent at 33,810 rupees per kg. And March futures negotiated lower by Rs 466, or 1.33 per cent to Rs 34,500 per kg.

On Comex silver rose 0.4 percent to $ 15.40 an ounce, after plunging by over 4 percent on Wednesday to a year low of $15.13 after after the ECB President Mario Draghi, stated their commitment to use unconventional measures to stimulate weak the eurozone economy.

Silver fallen to its lowest level in more than four years as a sign that the US dollar is headed toward the highest weekly gain in more than 16 months, to curb demand. The metal fell 5.1 percent this week.

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