New Delhi: The impact of sharp decline in global markets was also seen on futures trading on Friday. There was a big fall in the price of silver and it fell by Rs 16,352 to Rs 2.74 lakh per kg. This decline has been seen amid concerns of rising inflation in the US and the possibility of the Federal Reserve raising interest rates.
On the Multi Commodity Exchange (MCX), the price of silver contract for July delivery closed at Rs 2,74,750 per kg, down by Rs 16,352, or 5.62 percent. A total of 7,908 lots were traded during this period. Market experts say that the strong dollar, increase in US bond yields and widespread weakness in precious metals have put pressure on silver prices.
On the other hand, pressure was clearly visible in the international market also. In New York’s Comex Exchange, silver for July delivery fell by $ 6.42, or 7.52 percent, to $ 78.90 an ounce.