Silver Futures declines Rs 5,000 more

Business

oi-Monika

By Monika Nihalani

Published: Monday, September 26, 2011, 12:45 [IST]

Along with gold, silver is also losing its sheen. Silver futures tumbled by 11% or Rs 5,000 more on MCX as fears among the investors is rising that another recession is just around the corner.

Silver for delivery in December at the Multi Commodity Exchange, opened at Rs 52,700 per kg, declined further and was trading in the range of Rs 47,447 – Rs 47,488 per kg at 12:19 pm IST. It made intraday lows of Rs 45,824 per kg.

And, the metal for March contract delivery opened at Rs 52,853 per kg and was trading in the range of Rs 48,269 – Rs 48,412 per kg.

Silver has registered a steep fall since Friday following gold by shedding as much as Rs 13,000 per kg.

While, the spot silver fell to Rs 49,160 per kg.

Global investors appear to be squaring-off their positions on views that European leaders may come out with possible steps to revive Eurozone.

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