Silver’s brightness faded as industrial demand declined from Corona’s havoc. In the Indian futures market, silver slipped nearly four percent from the previous session on Friday. Silver has been declining for the last four days due to sluggish demand for industrial metals. The rise in gold and a rise in selling at higher prices have also caused a break in gold prices. The prices of yellow metal also declined in foreign and domestic markets. Commodity market experts say that due to the fall in the price of gold and silver in the international market, the pressure is being seen on the prices of both metals in the domestic market.
On the Multi Commodity Exchange (MCX) at 8.50 pm, the silver May expiry contract was trading at Rs 45,155 per kg, down Rs 1,503, or 3.22 percent, from the previous session, while silver traded at Rs 4,4813 during the previous trade. Slipped by per kg.
MCX gold was trading at Rs 42,256 per 10 gram in April expiry contract for gold, while gold was down by Rs 42,126 per 10 gram during the previous trade.
Ajay Kedia, director of Kedia Advisory, said that China is the main buyer of gold and silver and due to the Coronavirus outbreak, the demand for precious metals in China has decreased, especially the demand for industrial metals is very weak, so the pressure on silver prices came. is.
Bullion market traders said that gold and silver have seen strong growth in the past, after which buying at higher prices has come down.
At the same time, gold and silver prices have come under pressure due to profit booking at higher prices in futures.
Meanwhile, the international futures market Comex also recorded a fall in gold and silver prices on Friday.
Comex was trading at $ 1,585.05 an ounce, down $ 57.45, or 3.50 percent, from its previous session in the gold futures contract. At the same time, the silver March contract was trading at $ 16.63 an ounce, a drop of 5.82 percent from the previous session.
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