Silver futures closed lower in the domestic market on Wednesday as speculators engaged in reducing their positions, tracking a weak trend in global markets.
Analysts attributed the fall in silver at the futures trade to a weak trend in global markets as risk appetite returned to financial markets, pushing US stocks to a record on optimism about the economy’s strength and eroded the demand for haven assets.
At the MCX, Silver futures for September 2016 contract closed at Rs 46,047, per 1 kg, down by 2.08 per cent after opening at Rs 46,947, against the previous closing price of Rs 47,024. It touched the intra-day low of Rs 45,951.
Analysts attributed the fall in silver at the futures trade to a weak trend in global markets as risk appetite returned to financial markets, pushing US stocks to a record on optimism about the economy’s strength and eroded the demand for haven assets.
At the MCX, Silver futures for September 2016 contract closed at Rs 46,047, per 1 kg, down by 2.08 per cent after opening at Rs 46,947, against the previous closing price of Rs 47,024. It touched the intra-day low of Rs 45,951.
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