Silver prices experienced a decline on Thursday, November 12, as inflation in the US exceeded expectations, bolstering the belief that the Federal Reserve may increase interest rates in December. At the time, silver was trading near $51.40 per ounce. In the domestic market, silver futures were trading at approximately Rs 1,82,650 per kg. Silver futures also commenced at a lower level.
On the MCX, the benchmark December silver contract commenced at Rs 1,82,599 per kg, reflecting a decline of Rs 1,926. The previous close was Rs 1,84,525. At the time of writing, the contract was trading Rs 1,893 lower at Rs 1,82,632. Silver futures reached a peak of Rs 4,20,048 per kg earlier this year. Gold and silver experienced a decline in the international market. On Comex, gold commenced trading at $3,994 per ounce. The previous closing price was 4,000.50.
At the time, it was trading $13 lower at $3,987.50 per ounce. Comex silver futures commenced trading at $51.64 per ounce. The previous closing price was 52 dollars. At the time of writing, silver was trading $0.57 lower at $51.43 per ounce. Silver prices reached a peak of $121.79 per ounce earlier this year.
