Prices of silver tumble by 1.79% to Rs 44,535 per kg in the futures market today as speculators lowered their holdings at the back of a weak global trend as the U.S. Fed decided to cut monthly bond purchases.
At MCX, silver for March delivery tumble by Rs 813, or 1.79%, to Rs 44,535 per kg in business volume of 4,442 lots.
Similarly, silver for May delivery declined by Rs 764, or 1.65% to Rs 45,513 per kg in 74 lots.
Market observers said the sale of speculators in line with weak global trend that the Federal Reserve said it will cut its purchases of bonds next month improved outlook for the U.S. job market, especially prices demolished silver.
While, silver dropped 0.5% to $ 19.63 an ounce in Singapore.
Reported News Source : Business Standard