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Silver tracks gold, declines sharply by 3%

ByCommodityOnline
Published 10/20/2011, 09:15 AM
Updated 05/14/2017, 06:45 AM
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Spot gold prices declined by 0.8 percent on Wednesday and touched an intra-day low of $1638/oz.

But, sharp fall in the yellow metal prices was not witnessed mainly due to rise in risk aversion in the global financial markets yesterday.

MCX Gold December contract dropped around 0.5 percent and touched an intra-day low of Rs26, 415/10 gms on Wednesday.

Silver
 
Taking cues from fall in gold prices, spot silver prices also declined sharply by more than 3 percent in yesterday’s trading session.

Silver being an industrial metal also took cues from downside in base metals too, which led further decline in the white metal prices on Wednesday.

Prices touched an intra-day low of $30.86/oz and closed its trading session at $30.97/oz yesterday. On the MCX, Silver December contract declined sharply by 1.7 as appreciation in the Indian Rupee led further losses and touched an intra-day low of Rs52,111/kg on Wednesday.

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