Despite the weakness of the rupee against the dollar declining trend in bullion. While in global market silver is trading below $17. This has had an impact on the domestic market.
At the Multi Commodity Exchange, Silver futures contract delivery in March next year contracts lost Rs 387, or 1.00%, to Rs 38,320 per kg today as speculators indulged in offloading positions on weak global cues.
Also, Silver futures delivery in May 2015 was trading Rs 395, or 0.98% down at Rs 38,951 per kg.
KheloMCX Bullion Experts said the decline in silver futures was mostly due to a weakening trend in global markets prior to the Federal Reserve meets to evaluate the commitment to keep leverage costs low for some considerable time and offer guidance about the outlook for monetary policy.
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