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Monday, 1 December 2014

MCX Silver futures contracts down over 4% on weak global trend

Amidst a weak tendency in world markets and weaker demand in the domestic spot markets, prices MCX silver futures were well below 4.2%.

At the Multi Commodity Exchange, Silver May futures contract was trading at Rs 34,690 down Rs 1453, or 4.02 percent. Silver touched an intraday high of Rs 34,751 and an intraday low of Rs 34,635.

Similarly, Silver futures contract in March down Rs 1,414, or 4% to Rs 33,949 per kg.

Meanwhile, at global marketplace Comex Silver futures for March delivery fell 0.27% to $15.405 a troy ounce. Spot silver dropped as much as 6.4 percent to $ 14.42 an ounce, its lowest level since August 2009.

Analysts said that silver dropped to its lowest level since 2009 after Swiss voters overwhelmingly rejected a proposal to increase bullion reserves of central banks, providing a new trigger massive sales in an already nervous market.

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