COMEX Silver Falls Under $17 Per Ounce

COMEX Silver Falls Under $17 Per Ounce

Dec 06, 2019 11:12 IST capital market

COMEX Silver futures stayed weak today, hovering just above one week low on broad demand concerns. Industrial sector worries are playing a role in keeping the metal under check. Germanys industrial production decreased 1.7% on a monthly basis in October, bigger than the revised 0.6% fall logged in September, data from Destatis revealed on Friday. On a yearly basis, industrial output declined sharply by 5.3% after easing 4.5% in September. Excluding energy and construction, production was down by 1.7%. The commodity has been under pressure after hitting a one month high of $17.41 per ounce earlier this week. A muted tone in Gold prices is also weighing on the counter. The COMEX Silver futures are currently trading at $16.99 per barrel, down 0.40% on the day. MCX Silver futures are trading at Rs 44455 per kg, down 0.35% on the day.

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