Hot Commodities: Silver Hammered Near $19 Per Ounce, Tentative Signs Of Buying Emerging

12 Oct 2022 , 03:02 PM

Silver futures stayed under stress, extending the recent slide as a tumble under $20 per ounce extended for the metal amid firm US dollar. Traders are eyeing Indian demand scenario but as of now there are no signs of a critical rebound in the retail buying. Prices had gained earlier as traders eyed falling output in leading producer Mexico. Mexicos Silver mining production fell 4.4% on year to 348,357kg in July 2022. However, the metal fell under $21 and soon broke the critical $20 mark too as heavy selling pressure in commodities took a toll. The metal currently trades at $19.20 per pound, down 1.50% on the day and there are tentative signs of some buying coming in around $19 per ounce mark. MCX Silver futures have slipped this week after giving up Rs 60000 per kg mark and currently trade at Rs 57999 per kg, down 0.92% on the day.Powered by Commodity Insights