Silver Price: Domestic silver futures reversed direction to move lower in afternoon deals on Tuesday, tracking global rates of precious metals. Multi Commodity Exchange (MCX) silver futures – due for a delivery on September 4 – slid as much as 0.52 per cent, or Rs 344, to Rs 65,225 during the session, having risen to as high as Rs 66,159 in morning trade. At 2:26 pm, the MCX silver futures contract quoted at Rs 65,425, down 0.22 per cent – or Rs 144 – from its previous close of Rs 65,569. (Track Current Silver Price Here)
MCX gold futures – due for a delivery on October 5 – traded 0.08 per cent lower at Rs 51,227 at the time. (Read more)
In the international market, spot silver was last seen trading flat at $26.76 per ounce, as hopes surrounding a COVID-19 vaccine and positive signals on the US-China trade front buoyed risk sentiment and offset support for precious metals from a weaker dollar.
The dollar index – which measures the greenback a basket of six currencies – was down 0.26 per cent, having fallen as much as 0.30 per cent earlier on Tuesday.
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Investors avoided from taking big positions ahead of Federal Reserve Chair Jerome Powell’s speech later this week.
Meanwhile, the opening rate of silver jewellery stood at Rs 64,881 per kilogram on Tuesday, 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.