Silver Price Today In India: Domestic futures moved in a range of Rs 1,600 on Monday
Silver Price: Domestic silver futures declined amid a volatile session on Monday tracking global precious metal rates, briefly eking out gains to as high as Rs 67,345. Multi Commodity Exchange (MCX) silver futures – due for a delivery on September 4 – moved a range of nearly Rs 1,600, between Rs 65,759 and Rs 67,345 with a negative bias. The MCX silver futures contract finished at Rs 66,629 for the day, down 0.65 per cent – or Rs 438.00 – from its previous close of Rs 67,067. (Track Current Silver Price Here)
MCX gold futures – due for a delivery on October 5 – declined by Rs 357 – or 0.69 per cent – to Rs 51,659.
In the international market, spot silver moved within a $1 range near $27 per ounce, as investors assessed the prospect of treatment of COVID-19 while weakness in the dollar made bullion cheaper for holders of other currencies.
The dollar index – which measures the greenback a basket of six currencies – slid 0.33 per cent, having fallen as much as 0.44 per cent earlier on Monday. It had risen to a one-week high on Friday.
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Investors awaited US Federal Reserve Chairman Jerome Powell’s address to the bank’s annual symposium in Jackson Hole, Wyoming, on Thursday for signs of how aggressively it will seek to handle the long-term recovery from the pandemic.
Meanwhile, the closing rate of silver jewellery stood at Rs 65,502 per kilogram on Monday, excluding Goods and Services Tax, according to Mumbai-based industry body India Bullion and Jewellers Association. Precious metal prices in the country vary from state to state due to VAT or value added tax. Jewellery prices are calculated by taking into account factors such as excise duty and making charges.
