Silver Prices Fall by Rs 126 on MCX as Traders Book Profits
New Delhi, May 12 — Silver prices slipped on Monday in the domestic futures market as traders pared down their holdings amid profit booking at higher levels. The decline comes in contrast to the global trend, where silver prices continued to firm up.On the Multi Commodity Exchange (MCX), silver contracts for July delivery fell by Rs 126 or 0.13 percent, settling at Rs 96,603 per kilogram. The session recorded a business turnover of 16,242 lots, indicating moderate trading activity.
Market analysts attributed the fall to a sell-off by participants, who looked to capitalise on recent gains. "Profit booking at elevated price points led to the marginal decline in silver futures today," said one analyst.
However, in the international market, silver futures were trading higher by 0.73 percent at USD 32.96 per ounce on the New York Mercantile Exchange (NYMEX), supported by strong industrial demand and global economic indicators.
The divergence between domestic and international markets suggests that local sentiment was more influenced by technical factors and immediate trading strategies rather than global cues.
