COMEX Silver futures took a heavy tumble after testing around one month high of $17.35 per ounce. The metal fell under $17 per ounce mark and closed at $16.76 per pound. The MCX Silver futures edged up above Rs 46600 per kg and pulled back sharply as a slide in Gold and worries over retail silver demand in India hurt the mood. The commodity fell under Rs 44000 per kg, testing its three month low on hefty profit selling. There are expectations that global silver production, which has been declining since 2016 would recover in coming years on an increase in mining supply. Global silver mine production declined moderately by 2.4% to 920Moz in 2018. This made the COMEX Silver rebound from a 34 month low in November last year and sparked an impressive rally in the commodity in the current year. The metal is up around 18% compared to its year ago levels.
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