Explore Business Standard
Silver Prices
Silver futures plunged by Rs 4,232 to Rs 2.55 lakh per kilogram in the futures trade on Monday, as weak domestic demand and a strong US dollar weighed on investors' sentiment. On the Multi Commodity Exchange, the white metal for the May delivery declined by Rs 4,232, or 1.63 per cent, to Rs 2,55,203 per kilogram in a business turnover of 5,787 lots. Analysts said silver prices remained under pressure as weak retail demand in the domestic market coincided with macroeconomic headwinds in global markets. Indian bullion dealers have extended discount offerings to unprecedented levels, reaching USD 83 per ounce over domestic official pricing -- inclusive of 6 per cent import and 3 per cent sales levy -- the highest discount observed since July 2016, compared to USD 28 in the previous week, Renisha Chainani, Head - Research at Augmont, said. The sharp increase in dealer discounts indicates a profound weakening in retail demand for precious metals, she said, adding that jewellers have ...