Silver falls in India and globally to MCX December ₹2.25L
Silver just took a hit both in India and worldwide.
On the MCX, December silver contracts slipped by 0.93% to ₹2.25 lakh per kg, around ₹2,064 per kg lower than the previous MCX close of ₹2.27 lakh per kg.
Delhi prices dropped too, falling from ₹2.37 lakh per kg on September 25 to ₹2.32 lakh per kg by September 28.
Global silver slides to $61.34
Globally, silver prices slid 4.6% to $61.34 an ounce thanks to a stronger US dollar and rising US Treasury yields, basically making silver less attractive for investors right now.
But here's a small upside: Vikram Subburaj, CEO, Giottus.com, says the weaker rupee could soften the blow for Indian buyers.
Satish Dondapati, Fund Manager ETF, Kotak Mutual Fund, suggests long-term investors might want to buy gradually during this volatility, while leveraged traders should reduce exposure and use strict stop-losses since things are pretty unpredictable at the moment.