- MCX silver futures jump nearly 3% before trimming gains
- Average price of gold futures down at Rs 75,202, from Rs 76,360
- Global silver price rises 0.20 % to $28.33 per ounce
Silver Price: Domestic silver futures registered sharp gains on Monday, tracking strength in the global rates of the white metal. Multi Commodity Exchange (MCX) silver futures – due for a September 4 delivery – jumped by Rs 2,059 (2.78 per cent) to quote at Rs 76,219 at the strongest level recorded during the session, compared to their previous close of Rs 74,160. The MCX silver futures contract settled at Rs 74,960, up 1.08 per cent (Rs 800) from its previous close. (Track Current Silver Price Here)
That brought down the average price of the monthly MCX silver contract to Rs 75,202 on Monday, from Rs 76,360 in the previous session.
Domestic gold futures settled at Rs 54,990, up 0.37 per cent from their previous close, as investors kept a close eye on US-China relations ahead of their scheduled trade talks. (Track Current Gold Rate Here)
International silver prices climbed up 0.20 per cent to $28.33 per ounce.
Meanwhile, the dollar index – which measures the greenback against six currencies – was last seen trading 0.19 per cent higher, having risen as much as 0.28 per cent earlier on Monday.
— IBJA (@IBJA1919) August 10, 2020
The opening price of silver jewellery stood at Rs 74,595 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.